Web3.0: A Libertarian Dystopia

the year is 2063 the global currency is moose coin your refused entry into the meta versus lambo club because your twitter profile picture is not enclosed in a nice saucerhedron in a desperate bid to hold on to a square of pixels or land you bought in elon topia you must pay rent to paris hilton who bought 17 billion dollars worth of real estate with a picture of a monkey in 2033 and in a bid to become immortal has since replaced all of her organs with bionic hardware each limb operated by its own smart contract citizens who owns living tokens now have voting rights on her every move from cooking mediocre lasagnas to overthrowing what is left of democracy jobs are obsolete and by the time you get to the meta walmart most coin has crashed but it's okay because you're in control of who has your data now and your dirty fiat currency didn't devalue by two percent over the entire year that might be what happens if web 3 actually takes off but it seems that for some reason people actually want to stop this from happening welcome back to the moon cat channel are you ready for another rabbit hole that would confuse the [ __ ] out of a small victorian child oh and if you're a crypto bro watching this video yes i'm about to fudge i am gonna thud so to understand the intention behind web 3 you need to understand web 1 and web 2. those of you who don't have back problems might not remember web one so let grandma moon explain it involved neopets let's skate browsers dedicating half of your desk space to your crt monitor watching napster take three hours to download the latest newfound glory pop punk hit in 96 kilobits per second only to open it and find out that it's two girls one cup physical fights with your siblings over who gets to use the landline hamsterdance.com chain emails that threatened you with a seven year curse janky browsers on your sony ericsson flip phone you've got mail it's a hyperlinked bootsy signing in and out of msn messenger to try and get the attention of brandon windows xp writing surreal erotic fanfiction on the good charlotte 4 room with your emo poke friend you can hear the mode and scream yahoo malware gmct meat spin but then web 2 came along uh now we have google facebook javascript google amazon cookies google facebook data harvesting facebook amazon google who put bing there google facebook but many people think that there's something new on the horizon something to break us free from these large corporations and eliminate the middle man and that's the blockchain now how am i going to explain blockchain technology without making you all want to stab yourselves in the eyeballs i'm going to have to margot robbie it aren't i oh wow i don't have a butler okay or a champagne flute for that matter blockchain technology is a bit like imagine there was a really easy quick way of making payments called i don't know visa right but you thought hey why don't we replace this system with something else that doesn't involve a middleman right because that's a problem that needs solving and replace it with a system that uses more power than the netherlands or say you want to pay one queef coin to tracy but instead of your phone sending one message to your bank and then your bank checks the funds and then sends the funds to tracy your phone sends a message to a few hundred thousand people idling extremely powerful computers 24 7 playing a sort of extreme bingo and then once one of the computers wins the block of payments gets added to a ledger and this creates a blockchain and the winner of this stupid computer bingo gets a little reward of a fraction of a queef coin and then 10 minutes and 400 kilograms of co2 later if you're lucky and tracy hasn't lost her passphrase the silly [ __ ] she receives her queef coin but now it's ten minutes later and one quave coin is worth about a tenth of what it was when you sent it or think of it like this instead of asking a trusted friend to oversee your queefcoin transaction you say i would like to send you this queef coin but in order to do so i cannot put my trust into this friend so instead i will put my trust in thousands of strangers on a decentralized network that are actually mostly controlled by random millionaire tech nerds that own loads of shipping containers full of nvidia graphics cards and [ __ ] siberia or something and why don't we burn down a forest at the same time just for fun yeah it doesn't sound like it makes a lot of sense and that's because it [ __ ] doesn't so this technology has been around since the 2008 market crash touted as a solution to the problem of the banking system but hasn't really caught on much outside of purchasing black market goods money laundering and tax evasion so this left a few rails holding a large portion of the available computer coins but in order to cash out without making a huge loss they'd need to find other people who are willing to pay more for their fake computer coins than they paid for it originally but where were they gonna find these silly little suckers to provide this much needed liquidity cryptocurrency needed a marketing strategy to make it a bit less black tar heroine and a little bit more disney enter nfts why don't you punch this you [ __ ] ass hexagon [ __ ] when's the last time you made a girl twitch the art market loves rich people for obvious reasons and rich people love art for obvious reasons for many decades the art world and the billionaire world have enjoyed a beautiful symbiotic relationship wherein an artist has a work valued by a museum or a collector for millions and millions of dollars and some billionaire will buy the work the artist gets some cash and because the billionaire liked the art so so much they get to keep it offshore locked away in a freeport because they can't even bear to look at it or pay any taxes on it it's just so beautiful and profound it's impossible to pay any tax on it but interestingly this is all about to change auction houses have enjoyed decades of not having to give a single [ __ ] about facilitating money laundering because when a tony soprano character comes in you know nobody after down no on where that money came from and nobody get whacked you know it's like a unwritten agreement you know a wink in a nudge a suitcase full of cash five mil for an andy warhol don't worry about it no one's business capisce everybody wins i don't know what the accent was but oh no in december of 2020 us congress passed a new legislation that went into effect at the end of 2021 and the eu passed legislation at the start of 2020 making it much more difficult to hide where your dirty suitcase of fiat money came from and in perfect synergy like star-crossed lovers the art market and silicon valley tech nerd billionaires with their fake computer money in need of a crypto marketing strategy found each other and just like in mlm you need to give your scam a product in order to give it a sort of facade of legitimacy and real value and not simply a mechanism to funnel even more money to the top one percent and it's pretty [ __ ] simple really say you're one of these whales holding some illiquid ether and you have large investments in various crypto projects and you'd really like them to take off and it would also be lovely if you could get more people to buy ether at the same time allowing your company to stonk in your personal stunts to stonk so say you approach a famous digital artist maybe that digital artist is called people and you say hey did you know the ethereum blockchain and decentralized economies of the future i have a doubt on the ethereum blockchain why don't you stitch a load of your pictures together i mean it is a non-fungible token on opencv and i'll buy it with some either then the news outlets will [ __ ] their pants man and everyone will realize how awesome and if these are and that this is definitely the future of digital ownership what the [ __ ] are you talking about dude i have billions stuck in the computer okay i can't get it out i i need the money that's stuck in the computer i still don't understand you get 69 million dollars in hard cash yes usd yes okay it worked in march 2021 in the nft mania that followed ether's value skyrocketed along with this businessman's company effectively allowing him to immediately make all of his jpeg money back an estimated five times over and on top got free marketing for his magic computer money wallet company which is now acting as a sort of mortgage bond provider but for nfts which will definitely end well there's a bubble and the craze had only just begun war date yacht club and crypto punks were among the first nft collections to capitalize on the hype right after the people sale and in my opinion the only reason that they did so well was simply due to being in the right place at the right time and something tells me that the project has since been i don't know rushed somewhat no humans detected one of these characters was sold for nearly fifteen thousand dollars for that much i'd want the ape to climb out of the screen like the girl in the ring but this is meant to be the utility of the project this is what it's all for right this is the value yet there's barely any interest in it apart from people hate watching it they have a lo-fi live stream as well which regularly clocks all of around five viewers but yeah utility guys speculative early adopters of the board ape yacht club and crypto punks nfts got lucky and we've had to put up with a torrent of cringe ever since nft collections which were already doing well were further pumped by other grifters who wanted to artificially pump the prices of other projects in order to increase the legitimacy of their own and that brings us to one villain of the mooncat cinematic universe garyvee and we know exactly how he did this thanks to this crypto bro circle jerk conversation between mr beast seasoned pumper and dumper logan paul you suck my dick bro dink and logan paul's side bro stink toy with the hottest functionality and all of the most built-in techniques tactics garyvee it's like [ __ ] 11 p.m just out of nowhere just calls me and he's like yo i got like 30 people to call hotman so me and logan both bought punks you guys will probably see on this twitter that uh he fought a bunch of crypto punks at the same time he's like it'll be the best decision if you're like just get in yeah okay yeah and so i just joined the call every heavy hitter you can imagine that was worth a billion dollars was on this one call here's what you're gonna do and you're gonna do it right now you're all gonna buy a bunch of crypto punks we're all just like are you sure gary and we're asking questions and he's like just buy i don't i was just so pulled by his like conviction yeah that i bought a bunch way way way yeah i bought quite a few what's your rarest characteristic punk uh well i've already sold quite a few of them so i don't know what he was preaching about blockchain jpegs to logan paul and mr beast at 11 p.m no wonder his wife left him garyvee's plans successfully persuaded multiple millionaires to buy ether and then buy crypto punks with that ether because apparently crypto punks are the new facebook guys because garyvee's entire career is basically built around reminding people about that one time he was right and then using that to make it look like he always knows what the next big thing is he then convinced these millionaires to immediately flip the nfts and buy his own blockchain scribbles instead with the proceeds so that i'm rolled the money into v friends because i gary same thing called me he's like be friends now one thing we know about garyvee is that his poor fans aren't worth a lot to him because he can't charge them 10 grand for a meeting and then use that meeting for the purposes of extracting further money out of them there's no utility in poorer fans okay apart from when you're shouting fake motivational buzzwords sent them and uploading that to social media okay so how does he solve the problem of the vast majority of his fans being broke as [ __ ] through various complex nft schemes of course and because no one is familiar with the grift yet the space is rife for exploitation first of all he gets his millionaire friends to pay over the odds for his scribbles artificially inflating the price something we know in the real world as painting the tape which is an illegal activity he's not the only one recreating actions that would be considered fraud in the real world as over 80 percent of trades on the looks rare platform were found to be wash trading which is the practice of selling assets to yourself to artificially inflate the price then once his impressionable fans see that his scribbles are selling for astronomical prices they get all sad because they can't afford them and they're fomoing hard so what does gary do to make it look like he's super generous and inclusive well he releases a new book and then tells them all to buy 12 physical copies they had to be the physical copies and then you get one free book friends collection nft which he doesn't bother pumping with his millionaire friends because what's the point they've already bought the [ __ ] books meanwhile gary's new book becomes a bestseller before release gary's fans list the spare books on ebay hoping to sell them at half price and some even start burning them in furnaces to keep warm because they can't afford heating anymore so holders of the v friends nfts not the book nfts that's in a separate collection this one isn't for the pause get to attend v-con two whole times v-con is a special event in which you sit in a conference hall repeatedly picturing your closest family members being shot directly at the [ __ ] face and realizing that that would actually be a more pleasurable experience than being subjected to people like charlie and dixie demilio faze banks and logan paul for an entire [ __ ] weekend so he's essentially holding an auction for them to see himself live and separate auctions to actually meet him and do things like go bowling with him but imagine someone like britney spears instead of selling tickets at a fixed price on a first-come first-served basis she auctioned seats for her concerts so who would end up going to britney spears concerts it would be her richest fans and this is generally seen in the music industry as unethical artists don't want to be seen as prioritizing rich fans over poor fans gary vee on the other hand has found a way around appearing unethical to guarantee that only his wealthiest fans are closest to him at all times gary then pursued another nft project in which only holders of his most prestigious scribbles are guaranteed access to a five-star seafood restaurant oh but don't worry broke garyvee fans you get to hang out with gary now as well as long as you rent an nft from his wealthier fans and allowing gary to extract more value from said wealthier vip fans as a result gosh this is sounding an awful lot like a sort of scheme structured like a sort of inverted funnel doesn't it oh and don't worry gary has ensured that he receives 10 of the proceeds of all the friends nft resales so he doesn't miss out on any of the sweet revenue garnered from his wealthiest fans bidding to the death to smell his sigma sushi farts meanwhile as the nft market's grift-a-thon was in full cringe it only made the board apes project look more legit in comparison and it continued to increase in value which eventually culminated in the pinnacle of cringe earlier this year where celebrity millionaires got horny on main for painting the tape and literally painted all types of tape on twitter and even on [ __ ] late night tv never mind the unfathomable cringe of this clip this is at best undisclosed advertising and at worst a [ __ ] crime this is your ape are we and it probably won't surprise you to learn that all of these celebrities have financial interests or are affiliated with the same talent agency which has an investment in open sea so you know how people play video games for fun well nft enthusiasts want that to end another nft shill scheme is the gamification of the links to the jpegs the jpeg receipts axi infinity has become the most popular play to earn game in which you buy an nft of an axi and you can fight it sort of pokemon style and stories about players in the philippines being able to axie their way out of poverty are so heartwarming and are probably written in some way or sponsored by people invested in crypto because all ethics in journalism seem to go by the wayside as soon as a [ __ ] blockchain is involved the idea of playing a fun cute game to earn a living it's something that i think resonates with a generation that's looking for new ways of making money online new ways of finding a digitally native income with the pandemic you know it's destroyed a lot of physical jobs um in many cases permanently so i really think that what we're dealing with is a fundamental change in the nature of work crypto based games are community owned everybody in the community gets to share in the revenues and the upsides which means that participants people who play get a chance to play to earn and that's just incredible to me and it creates really unique opportunities now anybody around the world can play and make money playing and it makes perfect sense once you dig into the numbers oh really so let's dig into the numbers then and try and mine some sense out of this shall we because this entire video has been extremely vague about where the actual money is coming from here to even start playing axi infinity you need to buy a team of three axi nfts which are 200 each but don't worry if you can't afford that because you can just become a scholar and rent an axi from a sort of i don't know axi landlord what is up youtube bryson here and today i'm to be giving you my advice on how to earn a scholarship in axi infinity and then you can grind and grind and grind for hours on the game but don't forget to have fun now and your manager sits around taking a large chunk of your earnings listen carefully yet when this system is in a game and absolutely no value is created whatsoever well yes you guessed it it relies on bringing more people into the system at the bottom and then this carries on until there's an inevitable crash and those kids in the philippines start earning below minimum wage not so [ __ ] heartwarming now is it mark cuban impressively axi infinity managed the incredible feat of creating an amalgamation of all of the worst parts of late stage capitalism in one a pyramid scheme structure rantism and the [ __ ] job phenomenon in which everyone has become so obsessed with tying their self-worth to the work that they do that they disassociate the work from the actual value created the kid in the philippines fighting cartoons with each other [ __ ] job the woman on the apprentice who sits in an office in front of a fake spreadsheet all day just for alan sugar to call her once a week to tell her to bring the contestants through to the boardroom [ __ ] job yet our obsession with the five-day work week has caused us to justify doing work for no reason and jeremy corbyn was right [ __ ] but you're too busy [ __ ] capitalism to notice you could be working less artists who have made money out of this trend are now successfully converted into automatic nft shills putting dot eth at the end of their twitter screen names such as musician rac he reckons that if he's being exploited then he'd like to be more exploited please and he also reckons that if you squint hard enough the stock market and the us dollar is also a ponzi scheme a common tactic of crypto shills is to strip the phrase ponzi scheme of all of its meaning and it's not hard to see where he's coming from since like many musicians he's been [ __ ] over by the music labels and streaming platforms his entire career and the one time that he's made money has been through selling his music as this sort of speculative asset beyond that however he's extremely vague about how this is supposed to work but he seems convinced now that this is the solution for small time artists barely making any money from their work trouble is the logic is entirely flawed rac was able to make money through already having a platform and that's the only real scarcity at play here attention here's a graph showing the median prices of sales in primary sales of nft collections over a one week gold rush period looks pretty good at a glance right until you realize the y-axis is a [ __ ] logarithmic scale here it is on a normal scale 34 of these collections made a hundred dollars or less which means that after various fees they actually lost money twenty percent made less than ninety two dollars after fees and then eleven percent made a whopping two hundred and twenty three dollars after fees and so on that's for an entire collection of nfts which could be anything up to around 10 000 jpegs and it's funny that you really have to dig to find this information kind of like how you have to dig to find the income disclosure statement of any mlm if people were really making money surely the marketplaces like open c would be shouting from the [ __ ] rooftops about their stats instead just like mlms they're hyper focusing their marketing on the few people at the top making millions and loads of those sales are probably wash trading anyway and that's not even mentioning all of the artists that have had their artwork stolen and minted and open c got so many takedown requests that they just ended up stopping processing them great system guys the only people who win here are the one percent of artists with existing large audiences who actually make a profit but that's still crumbs in comparison to ether wales who not only profited from the influx of buyers of ether but also profited from the minting fees of nfts that didn't even sell or lost money they profited from everyone and then of course we had the influencer [ __ ] coin epidemic [Music] my baby left my heart broken told me [Music] but before we get into that this video is sponsored by keeps did you know two out of three guys will experience some sort of male pattern boulders by the time they're 35. well now it's easier to prevent than ever with a subscription from keeps a licensed doctor will recommend a plan for you based on a free online consultation you get your treatment delivered to your door every three months and your keeps doctor is available 24 7 for any questions or concerns keeps uses generic versions of the only two fda approved medicines for hair loss on the market so compared to visiting your doctor keeps saves you time and money and that's why keeps has more five star reviews than any of their competitors and why hundreds of thousands of men just keeps for their hair loss prevention if you're ready to take action and prevent hair loss go to keeps.com mooncat or click the link in the description to receive 50 off your first order that's k-e-e-p-s dot com slash m-u-n-e-c-a-t influencers got a terrible bout of [ __ ] coin diarrhoea and sprayed it all into the toilet bowl of social media and now the plumbing is clogged and it's not surprising that this happened because well crypto has allowed this to become extremely easy all you have to do is go on a site like cointool.app go to create token choose which blockchain you want it to sit on give it a name like elon moon doge sponge safe musk make the initial coin supply about 69 420 trillion if you really want and because there's so many coins whatever the market cap is you can just make the buy-in price for one coin look dirt cheap then you want your mates to make a load of money too right so you do a white list and basically give a load of tokens to your mate so then they can save on gas fees before they're released to your idiot fans users who make the whitelist and later sell their newly minted nft gain a profit 75.7 of the time versus just 20.8 percent for users who do so without being white listed chain alice's said citing openc data the data suggests it's nearly impossible to reap outsized returns on minting purchases without being whitelisted so then you end up with instagram models who have pivoted their entire careers to being nft influencers living off being on nft drop white lists using their platforms to show them to their pleb followers as if the project's got an amazing roadmap and bank on the fact that their followers are stupid enough to be too distracted by tits to even notice the rug pool it's your favorite crypto queen i've just invested in koi nu inu and i'm super excited because they're starting a gaming platform as always this is not financial advice i'm just letting you know what i'm investing in hi guys so um ad and all that but this is not financial advice okay but i'm about to tell you about titty ass coin okay i'm huddling this one guys i know the last 79 coins i told you about did kind of crash but they were not financial advice and they also paid for this holiday so i'm aping in right now on the ass coin guys i don't know if you've seen the road map but it looks like the nickelodeon universe park map so you know it's gonna be good in fact i think it might actually be the nickelodeon universe park map but with like crypto buzzwords sort of scribbled over the top but you know what that doesn't matter guys because we're all gonna make it this time all right to the moon i've spoken to the dev team on this one as well and they all seem super legit like one of them has a ponytail and the other guy knows like basic html so everyone in the discord is either a bot or is showing signs of extreme cognitive impairment so that's also a great sign too okay so um get getting now not financial and if you can't be asked to make the project look legit enough to even get it on a semi-legit exchange like coinbase just slap it on a shitty one like pancake swap and get a bot to post about it to reddit every three minutes but of course coinbase eventually realized that being semi-responsible about the coins they allowed people to list on their exchange meant that they were losing customers to competitors so they changed their tune and now they're basically the same as pancakes were so that's cool people are literally left to do your own research when investing in a coin and that never goes wrong [Music] in the end the whole scheme can cost you about 450 and that's how influencers like ice poseidon with a brain so smooth you could use it as a curling stone managed to shamelessly fleece his audience out of half of a million dollars yeah i could give the money back it is within my power um but i'm gonna look out for myself and not do that i i you know i don't like know what else to say that's just the most honest answer it's like bernie madoff literally went and made a paint by numbers ponzi scheme for children literally ryan's toy reviews could do it and probably make enough money to turn the entire world into a mystery egg if he wanted to i just want my money back investing your money into win influences [ __ ] coin is called in the crypto verse an ico it's basically like investing in an ipo on the stock market but with no securities regulations that require the company to be registered with the sec with complete information about the people running the organization known to the buyer and all of the risks clearly spelled out any company that ipos has a huge document written out by multiple lawyers which the investors will get their lawyers to look through before apping in but icos mean that any fraudster can now in effect pop an unregistered security on the market completely anonymously and without consequence and before i get hoards of people in the comments going but the sec sucks dude yes it does they often resort to finding scammers after the scam has happened because investigating them costs a lot of money and it might not always turn out to be a crime but they are perpetually stuck in this impossible balancing act between preventing fraud and not stifling creativity in the finance sector so right now they're just stuck in this crippling epidemic of ponzi schemes within ponzi schemes and of course the people benefiting from all of this fraud are the people going to the regulators and saying yo this is just innovation dude don't stifle innovation man where do companies draw the line and say that enough is enough with this anti-innovation quote regulation by enforcement and then just decide to take their industry elsewhere to another country but there's something about crypto that scares people i don't know what it is maybe it's just because it's new but i remember in my banking law class when banks were first allowed to use computers to keep ledgers people sued over that at the time i remember when i was a second year lawyer and we got email and the aba said lawyers couldn't use email because it would travel over this mysterious network of computers these all seem ridiculous today but it seems like we haven't really learned the underlying lesson which is technology usually advances human flourishing we have a regulatory system let's use it the exact same thing happened when they allowed bernie madoff to run a ponzi scheme for 30 years yeah it went on for 30 years during which he was reported to the sec multiple times he actually did innovate some methods that are still used in finance to this day but that doesn't negate the fact that he stole 64.8 billion dollars the same happened with the crash in oa in the same with enron the sec knew of the signs but they didn't do anything and these crypto shills and right-wing politicians are now trying to demonize the sec not for doing too little but for doing too much and the crypto market is currently in this perfect sweet spot in which lobbying from billionaire silicon valley investors can successfully convince regulators that this is actually the future and all of this scamming us is just a symptom of new tech and they'd better not put too much regulation on it or all of the business from this exciting new tech will move abroad there are some products that are legal in other countries and are just not legal here we don't allow that in the united states we do allow it in canada we allow it in germany singapore portugal and a number of other places so if you're a developer of those products there's no fuzzy line it's super clear you can't do that here so you have to go abroad so we're behind the curve unquestionably and because most of the regulators haven't got a [ __ ] clue what a blockchain is or have even caught up with what the [ __ ] web 2 is doing yet will you commit to ending finster there's a rush to pocket as much cash as possible before any real restrictions are put into place and who loses out the retail investor again at best at this point i think we'll end up with crypto stuck in a legal limbo between lobbyists and regulators similar to mlms who got subject to regulations which are supposed to require recruits to make more money from selling the products than from recruiting people but these rules are not properly enforced and the grift continues and they can even use the fact that they're legal to differentiate themselves from other mlms who have been prosecuted under the law for being pyramid schemes all it does is just give the ones who don't get caught more power and i'm sure you've probably all seen this by now but if there was one video in the world that would make you want to take all the cash out of your wallet right now roll it up into a tight little tube and stick your [ __ ] right down the middle screaming fear me daddy it's krypto land take a shot every time you hear the word crypto this is me christopher a crypto d-gen with a crush for crypto kitties i'm on my way to crypto land the number one crypto destination on earth where crypto enthusiasts or crypto landers like we're called here can meet with like-minded individuals in real life no you haven't taken a drug spiked with the source code of the reddit homepage this is real i've unfortunately immersed myself so deep into the crypto world now that i understand every [ __ ] joke in this video and they're not funny they're not funny at all you don't want to end like my mouth dog's friend its creator had a vision of the disneyland for crypto but it ended up looking more like they fed an ai bot with those randomly generated animated kids channels on youtube and your nightmares and it spat out 20 minutes of this [ __ ] they enlisted the help of crypto shill for hire kyle chasse who said that he bought an nft which was supposed to buy him a plot of land on this island an island that they didn't even own he brags that he spent 1.3 million dollars on it on his thumbnail but when in reality some crypto sleuth discovered that the organizers actually slashed the price in half right before he bought it and changed it back right after he still paid way too much for it i actually had some property shouldn't should not have bought it couldn't have afforded it but subprime mortgages you know there's no loans or lending or subprimes or interest or anything like that and if you're thinking how the [ __ ] do people fall for this this is insanely [ __ ] stupid remember this marketing is not aimed at you it's aimed at vulnerable people who have been [ __ ] over hard by capitalism they want friends a community they want money and just like mlms they have their ways of creating a community atmosphere by talking to each other in a sort of code and inside jokes which this video represents but as soon as you start flooding your new friends are nowhere to be seen they're being told that capitalism isn't the problem it's actually the federal reserve big banks and politicians and they believe it because along with that story they're being given an easy way out it's the same reason your junk email folder is full of [ __ ] that looks like it was written by a fat fingered ape with dyslexia don't ask me how a name got diagnosed with dyslexia that's not the point the spelling is bad on purpose they want to attract the people who are not put off by spelling mistakes because the people who are put off by spelling mistakes are a waste of their time you might get a few back and forths from a semi intelligent person but once they realize what the deal is they'll bounce and all of that was a waste of your valuable scamming time you need the extremely vulnerable and only the extremely vulnerable in from the start they won't waste your time they'll agree with everything you say and be unabashedly positive and they don't even need to have money they just need to be the cheerleaders that will convince the people with the money to buy in based on hype discords made for pumping new nft collections and coins are ideal because as soon as someone even slightly floods you can immediately boost them out of the server no questions asked you can also easily convince them to do all of your marketing for free in the case of crypto lands they allowed their recruited cheerleaders to earn a free nft if they won followed the crypto land twitter two turned on tweet notifications three liked all of their tweets four retweeted all of their tweets five wrote meaningful tweets about crypto land six change their discord from twitter profile pictures to a screenshot of the nightmare video or to one of their nft seven added crypto landed to their username on twitter and discord8 added a link to the discord in their twitter bio nine invited 20 friends to the discord and 10 were a fun and active user on the discord all footers and even people merely asking questions or linking to the page that showed that the island was still up for sale were immediately banned the sale of the cryptoland island fell through thankfully they had plans though to make it into a sort of safe haven from the fiat environment but when you strip that of all of the fluff words they basically wanted a libertarian seastead free from all of those pesky taxes and regulations including the age of consent so how is this being sold to us as the future why don't you come to kryptopia it's even worse than mesos topia there isn't even a [ __ ] moose and probably lots of xenophobia the bitcoin bros come in two main groups the ones who believe that bitcoin will eventually wipe out fiat currency they're generally called the maximalists but we'll call them the maxi pads for fun and then there's the other group who believe that bitcoin should be forever used alongside fiat so we'll call them tampons so bitcoin will never be widely accepted as a form of currency in businesses until it is stable and it will never be stable until it is widely accepted and at a larger scale when it is potentially wider accepted we meet different issues such as the scalability problem if bitcoin processed all of the transactions visa does today it will use as much electricity as the rest of the world put together and will be even slower than it is now but that's not the only problem so the tampons are essentially arguing for the centralized gateways between fiat and crypto to perpetually exist forever because we'll always need fiat currency so in this school of thought bitcoin is only useful as a hedge against inflation but the number only goes up because of the speculative belief that bitcoin will have future uses so it is a much riskier investment based on a tech use case and tech investments are inherently risky especially when you consider the inherent flaws of the blockchain technology there are much more stable investments available such as stocks and shares isis or index funds but maybe they just love it when they lose 50 of their net worth because they have a humiliation kink i don't know so the maxi pads believe essentially that fiat is doomed long live bitcoin to the moon and all of that so the following use cases only apply if you never have to involve exchanges to fiat currency because as long as you still need to evolve centralized exchanges basically nothing is decentralized but this utopian view still has inherent flaws it really is sweet how so many reddit bros all of a sudden have this huge concern for ethiopian and nigerian farmers and i'm sure it has nothing to do with the little graph on their coinbase app i spent um november of 2019 roaming around the continent of africa i went to nigeria i went to ethiopia ghana and i saw that the number one problem that entrepreneurs were working on there they're all working on payments and the most interesting of them were working on bitcoin realistically poorest citizens of developing countries are slowly but surely getting banked the adoption of mobile money is spreading kryptos silicon valley tech ceos vcs and jack dorsey all have a real sudden charitable streak in them in the form of ensuring entrepreneurs in developing countries can find a way of being paid the philosophy of the most successful tech startups in the past has been ease of use for the end user so why are they not instead investing in streamlining mobile money solutions which are already being used widespread and don't produce a macbook air worth of e-waste for every transaction and will eliminate the need for a crypto exchange and will eliminate the need for a nigerian taxi driver to set up a metamask wallet and get paid for a ride with an extremely volatile digital token oh is it because perhaps for jack number go up so jack dorsey is now trying to become accepted in the bitcoin community whilst simultaneously being the face of social media censorship especially censorship of their favorite orange guy and team how can you say that this is a currency for everyone in the world when you are the king of censorship bitcoin is about decentralization and you have no right to be here today speaking about this we're working on that too we're working on that too we'll we'll we'll get to that i get it we get to that can you can you please he spends his days on twitter sharing anecdotal feel-good stories of people who have made money with bitcoin and the rare cases in which it has supposedly helped people out of poverty he's also trying to squash all competition for bitcoin in one fell swoop by labeling them all as being owned by silicon valley vcs which is not untrue but it's not untrue of bitcoin either but trying to set yourself apart from other grifters is the first rule in the grifting handbook sure there are issues with access to physical banking services and documentation but the unbanked in third world countries mostly are because they just don't have enough money this leads to the sharing of resources so only one person in the family needs an account the issue that needs addressing here is lack of income not lack of a bank account but that's not an issue that can be easily addressed with a flashy app without any vowels in its name tunnel visions tech ceos and silicon valley vcs with encap ideologies do not generally consider local conditions when they preach about banking the unbanked and these ideas have come and gone before there is no reason for an ethiopian farmer to use cryptocurrency unless they're trying to organize an international crime syndicate or avoid capital gains taxes which is unlikely it's secure with traditional banks you have to jump through multiple hoops to verify your id and send someone money with blockchain tech it's just a simple private key this makes it vastly easier for someone to socially engineer someone's passphrase and gain access to their wallet no 2fa needed no name of your first hamster and they have done it multiple times and once it happens it's irreversible there's no bank to call no credit card company to ask for a charge back you only have to spend five minutes scrolling down the blog web3 is going great.com to see that another high high-level hacking rug pull or nft scam is committed pretty much every day and you don't even need to be a criminal mastermind all you need is good programming knowledge some social engineering skills and zero morals and to punctuate my point the largest heist in american history was committed by two [ __ ] idiots i'm a [ __ ] bad [ __ ] go on make me a sandwich you annoying like vagina heather r morgan and her husband ilya lichtenstein are suspected of laundering 4.5 billion dollars worth of bitcoin through various wallets and a dodgy marketplace and transferred into fiat currency via gift cards amongst modern methods and what did they spend their money on journalist a writer a ceo and a dirty dirty dirty dirty to be clear they've not been arrested on charges for the initial hack but from what we know it's quite possible that they carried out the attack themselves one lyric in particular in one of her masterpieces is [Music] so spearfishing is like fishing but with a ph except instead of sending out one email or net and waiting for your victims to come to you you intentionally set your sights on one victim and you might say send them a cold email gain their trust and convince them to send over their details over to you that way this is how hacks usually happen in web 2 and web 3 world it's not someone in a hoodie and a viva vendetta mask matrix sing their way into the mainframe of a bank it's very boring polite emails something heather r morgan said that she was an expert at or i'm sorry a hacker mindset the blockchain does not fix the inherent vulnerabilities of people when it comes to social engineering and when you have a system that only requires a private key for access to funds and a pseudonymous system which already has tools built into it for laundering cash then you've made it even easier for someone to steal 4.5 billion dollars from you and spend it on this over the six years since the hack either they've been pretty stupid the entire time or they've got sloppy with their laundering throughout the years who knows but when authorities raided their apartment among hordes of usb devices cache and hollowed out books to hide it in they found a burner phone in a clear plastic bag labelled burner phone and a file on their computer named passport ideas and a spreadsheet on their cloud account which had addresses of all of their wallets and information about the assets inside of them and some of them had file names such as dirtywallet.dat criminal masterminds so it's not hard to see how if you're able to remain anonymous and you don't have to use a complex web of walmart gift cards to transfer your stolen funds into usable currency crime on the blockchain is actually inherently incentivized there is even more incentive for criminals to find bugs in a code drain people's wallets and freely spend the stolen crypto in businesses around the world or for bad actors to hide large-scale ransomware in the code for decentralized apps it's anonymous private so it's not it's pseudonymous meaning anyone who finds your wallet address can easily see your entire transaction history and as soon as that wallet address is associated with your identity that's your transaction history available on a public ledger for everyone to see and that's not to mention that if someday miraculously ethereum's smart contracts actually have some sort of utility all of your data will be on the blockchain in order for it to work your mortgage your medical records everything you've ever posted on social media say perhaps someone doxed you or posted revenge porn it's immutable on an append only database unable to be deleted allows money to be sent around the world instantly delays in international wire transfers are mostly down to checks for fraudulent activity the only reason you'd ever have an issue with this is if you were a criminal or anna delvey it is true that it could be potentially used for sending funds to protesters if the state's banking system had cut them off such as when this happened with the recent canadian trucker convoy and the coiner bros of course went ah now we have a use case we have a solution guys we have a use case for bitcoin finally only to find that they had to concoct a wild set of actions in order to change the computer money back into real money this somewhat hilariously involved the composition of a publicly available google doc in which all of the proposed actions could have been easily intercepted by the police just some of the materials needed included printers paper ink large pliers leather gloves that cover wrists screwdrivers pens and paper and 10 dvd discs the actions would culminate in the participants smashing the usb printer to pieces in a hotel room that none of them were allowed to leave cash would have been easier a simple scroll down the bitcoin hashtag on twitter makes it extremely clear where these people's priorities lie because regardless of whichever supposed war benefit they're currently peddling they're clearly only bothered about their own pockets but you said bitcoin isn't really doing anything right now bitcoin is actually saving people's lives people are fleeing war-torn um ukraine they're actually leaving to go to poland are they taking their gold billion bars absolutely not and even if they did get to the uh get to the border people are absolutely corrupt if they get to the border authorities could say sorry can i have one of those gold bullion bars and and only let you win in that case so you don't really want to be snuggling up with your bitcoin nobody wants to know that you own bitcoin that's the fundamental value let me make this clear russia is actually attempting to use crypto to undermine the sanctions in the us dollar and he tricked vitalik buterin into helping him do this in a world run by bitcoin or any crypto wars will still be funded for some reason they seem to think that fiat funds wars and for some reason they think that crypto would never be spent on wars it makes no sense please bitcoin bros put your coinbase app away and touch summer [ __ ] grass but you can't print bitcoin like the fed prince money we're gonna come back to the federal reserve and monetary policy but i'm gonna point out here that bitcoin's 21 million cap is five lines of code which could be removed at any time with a hard fork in the system just because no one wants the cap to be removed right now doesn't mean that this will always be the case and this seems like a good time to bring up tether oh [ __ ] tether moving money in and out of the crypto ecosystem is hard and you have to pay taxes on it so stable coins have come about to allow people to hold their crypto in a token which is tied to the value of the us dollar so stable coins like tether and usdc are also supposed to be fully backed by real dollars but guess what they aren't and they lied about this for a very long time this is another entire rabbit hole but let's just say they lied about their reserves by transferring funds into an account temporarily while a third party ordered a check to their reserves on a specific date then when the paradise papers came out people found out that they were basically the same company as this huge exchange bits and eggs you know just one of the 99 percent of exchanges that have suffered from a huge hack and because they were lying about being packed fully by dollars they could use dollars to bail out bitconnects when they lost 850 million dollars of their customers cryptocurrency after a dodgy bank they were dealing with got shut down and they lied about it and the whole thing was started by a past ponzi schemer someone who got caught up in an online gambling scam and someone drowning in allegations of being a full libertarian who wears rare pokemons in his hat guys this video killed me so stable coins hold a hell of a lot of power over this supposedly decentralized crypto market as a whole and tether got hacked in 2017 and 30 million dollars was stolen and in response to this they hard forked the omni blockchain that tether resided on and because tether decided that even though the blockchain was saying the funds were in the hacker's possession they decided well that's not what the blockchain should mean because decentralization means [ __ ] all in this business and it is a marketing buzzword to get you to buy into the system because tether has got so much power they could do this without using the usual mining consensus vote because all of the exchanges were in their pocket yeah get me a company that is powerful enough will fork the chain that it sits on and this will always be the case in the crypto space and then it was found that tether manipulated the price of bitcoin in 2017 by buying large amounts of it when it was declining with its own reserves cool so you basically recreated an unreserved central bank in your own little magic computer world that's completely manipulating the market but one that's even worse than how bad you think the federal reserve is how people seem to still be using tether when it literally has worked against all of the core tenants of the crypto philosophy is beyond me but again it seems that as long as number go up nobody cares it's decentralized therefore trustless systems tend to centralize as they scale and blockchain is no exception bitcoin mining was mostly decentralized back in the naughties with a few early adopters running single graphics cards in their homes but it only took around five years for just three mining pools to have control over more than half of the network and the people using them now are suffering from all of the negatives of the decentralized aspects whilst using centralized apps built on the blockchain so they're not actually benefiting from the decentralized aspects at all they're actually only benefiting from the centralized bits i.e using openc and exchanges to cash out into usable money all things overseen by the evil government but the entire ecosystem is being sold to them as decentralized it's not at all the only supposedly decentralized aspects of the platforms they're using are actually only hindering the users and the programmers so let's hop back to the bitcoin 0.1 release notes written by satoshi nakamoto in 0.9 the root problem with the conventional currency is all the trust that's required to make it work the central bank must be trusted not to debase the currency but the history of fiat currencies is full of breaches of that trust banks must be trusted to hold our money and transfer it electronically but they lend it out in waves of credit bubbles with barely a fraction in reserve we have to trust them with that privacy trust them not to let identity thieves drain our accounts okay so what have we ended up with everybody putting that interest in increasingly centralized mining pools everyone putting their trust in buggy code written by a human everyone putting interest in centralized apis to connect apps to the blockchain centralized jpeg selling platforms everyone putting their trust in bitcoin wells not to suddenly crash and leaving everyone with pennies breaches of trust involving wash trading painting the tapes selling securities fraudulently no privacy on a public ledger a system rifle account hacks through stealing people's identity all of it backed up by stable coins that are not backed up by real dollars and manipulate the market in the case of ethereum the amount of ether that can be mined is not capped but it is entirely reliant on code written by this man it is of course imperative that people have to buy in to any change in the code as has been shown before whichever chain vitalik buterin is behind that's the chain that the whales are going to go with and that's the chain that the underlings will follow no matter how much these people think this is a purely decentralized system there is an unusual personality cult surrounding buterin and people respect him difficulty ice age meltdown layer one layer three 9 27 ternary 50 year old hash focus for backstop security in the same way even though we don't know who satoshi nakamoto is they have been active on the internet in the past and nothing is stopping them from becoming active again and proposing a fork in the future and being the owner of an estimated 73 billion dollars worth of bitcoin or five percent of the total supply i wonder whether people would choose the fork that lord satoshi proposes or the one that tanks in value sounds super decentralized to me in the case of blockchains planning on moving to a proof-of-stake system the consensus vote on the chain are given to the proportion of the amount of money you have meaning wealthy individuals and companies can effectively fork a chain to their preferred code if they achieve more than 50 percent of consensus votes and with bitcoin's wealth distribution looking similar to that of north korea's does that sound entirely impossible to you it's incredibly difficult to get a coiner bro to engage with any of these arguments however i've seen enough mlm huns in my time become convinced that their shitty face creams are gods just just because they think it's their ticket out of being [ __ ] in the ass by capitalism day in day out the number one rebuttal to all of this footing always comes in the form of oh well it's early days this was relentlessly shoved in people's faces during the super bowl halftime show in which all ads were trying to spread fomo one of them even comparing the invention of crypto to the invention of the wheel forks toilets the moon landing light bulbs the walkman even democracy matt damon basically calls you a puss boy for not investing in one of them history is filled with almost with those who almost adventured equating an athlete scaling a rock in freezing temperatures to you sitting on your ass and signing up to crypto.com to purchase a [ __ ] jpeg because justin bieber did i'm not sure i can think of one revolutionary invention in history which had to try so hard to convince the entire populist to invest in it before it had even been proven useful to society but also calling it early days we're 13 years in now in some aspects i agree but i at least think there should be some evidence of a tangible use case by now that can't be done on web 2 protocols html was invented in 1993 so in a way it's like the 2006 of blockchain right now and what were we doing on the internet in 2006 i had a myspace profile and matt damon wasn't on tv telling me i'm a puss boy loser for not using msn messenger i kind of wanted to do it anyway moxie marlin spike in january this year composed a blog in which he criticized the web 3 protocol his main points were that no one would ever want to run their own server and huge parts of it are still centralized such as the apis used to connect the metamask wallets to the chain and vitalik buterin responded with various assertions that all of this was coming but here's the fundamental problem with believing that web3 utility is on its way because a blockchain needs to pay miners to mine to make it work a blockchain needs a native currency so vitalik buterin comes along and makes ethereum ethereum's currency is called ether before ethereum is released to the public as this revolutionary blockchain tech patella can load of his mates including peter thiel get given a load of ether before it shoots up in value this is called a pre mine it doesn't matter whether ethereum is a good tech or not because your software developers will come along anyway to make some cash these software developers will buy a load of ether and then say hey we've got this great idea for giving this blockchain some utility and then they market their proposed utility and then promote an ico to get people to invest in this proposed utility with the hope of making money and among a lack of securities regulations swathes of inexperienced retail investors pour their cash into a project that they know nothing about there's a name for bogus software promises already and it's called vaporware vaporware is promises of software that never materialize and only exist to prevent customers from switching to a different solution so the vaporware shillers make money from the ico and the ether shooting up in price and in turn vitalik and his whale mates profit from the ether shooting up in price and the software developers have no reason to make the software actually fulfill its goals at all because they've all already made a [ __ ] ton of money with the invested money they've got two choices they can either write out the vaporware promises for as long as possible waiting for the ether to go up even more based on the bogus promises of other vaporwares or they can rug and take the money and dip with no consequence either way vitalik buterin wins other ether whales win the software developers win and nothing of true utility ever gets built in the real world when a company goes public if you don't provide real value to the public you lose money but why oh why would matt damon be calling as pus boys if blockchain is useless well there's a lot of billionaires and millionaires stuck in the system who want to pump the bag and cash out but there's also a lot of people who legitimately want this technology to be revolutionary and we have to understand why ratting this script caused me physical pain pain i'm serious this video broke my brain now i have to leave posts on our slash bitcoin like i think the federal reserve actually introduced some beneficial fiscal policies just to feel something again again philosophy behind bitcoin is all depriving the government of any power over monetary policy to explain the way that bitcoin is coded the digital mining of bitcoin is supposed to reflect the mining of gold so the increase in bitcoin supply is supposed to happen around the same rate that gold was mined so back in 2010 you could mine a few blocks an hour on your pentium processor but as time went on the mining of gold got increasingly difficult and slowed down just as mining bitcoin gets increasingly difficult as time goes on and people have to buy more mining nodes and burn down more forests etc to get the same amount of coin if you can prove you've done the work to the rest of the network of computers you're allowed to enter the little bitcoin lottery which awards you with a bit of a bitcoin this is exactly what proof of work is you've got to prove you've done the work you've got to prove that you've burnt down a forest bitcoin is coded to reflect the gold standard so this is the monetary system we had until the 1930s and since many coina bros don't seem to be aware of what happened in history let's explain this properly in the roaring twenties the post-war economy was booming and the rich were thinking hey you know what's even cooler than money more money so greedy people thought that buying stocks with the money that they actually had wasn't enough so they started buying more stocks with bank loans and the greedy banks were like cool more interest for me bro i don't foresee any closures happening here foreshadowing is a narrative device companies were having more money chucked at them than a sexy stripper and a sleazy speakeasy they didn't know what to spend it on anymore and because people had already bought the stuff that they needed they started to buy stocks instead and there was way too much money sloshing around in the system without any actual products being produced or bought by customers wait does that kind of sound familiar people started to notice the lack of any actual value leaving the system and panic began to spread and people ran to the banks to take all of their money out banks at the time were very small and had to sell assets and take out loans themselves to give people their deposits back this sucked all of the money out of the economy at once and a deflationary spiral happened prices dropped businesses cut costs people got fired nobody had money to spend on goods anymore inventory built up prices dropped even more at infinitum then during the 1930s the great depression was swinging its dick hard in the faces of the poor as unemployment soared but the fed res didn't yet follow any sort of fiscal policy for injecting money into the system the us and european central banks still followed the gold standard and were refusing to give it up but the uk was like the cool guy at the gold party and when we left the gold party in 1931 gradually over the next five years all the other countries were like yeah this gold party kinda sucks and by 1936 all countries were out and smoking some green at the way cooler much more laid back fiat afterparty in that same year john maynard keynes came through and dropped his smash hit the general theory of unemployment interest and money and told the world's governments that if they bought 12 hard copies each they'd all get a free keynes friend nfd and that's why we all follow his teachings on fiscal policies to this day actually it might have been because it turned out they worked pretty well because securities fraud was right in the lead up to the stock market crash wait does that kind of sound familiar the sec was created in 1933 along with the fdic which acts as a sort of bank insurance policy that the banks pay a premium for and this ensures that if a bank ever fails ever again everybody's deposits would actually be protected up to a certain amount not everybody was happy with the retirement of the gold standard and the inception of the fed res however especially the rich so wealthy businessmen plotted to overthrow president roosevelt and replace him with a dictator thankfully this never happened but you could probably call what's happening right now business plot 2 blockchain boogaloo cut to german school children being read stories from a pamphlet called the protocols of the elders of zion it is nazi germany 1933 and hitler is using the great depression to gain power the belief of a planned secret world domination spreads along with the belief that jewish people are controlling the press and the central banks and slowly devaluing your money through inflation to keep it for themselves wait does that kind of sound familiar they recommend buying gold to protect yourself one of the main assertions being that gold equals money wait does that kind of sound familiar these ideologies became inextricably linked with wealthy businessmen who still believed in the gold standard eugenics and debunked bell curve theories gained traction a science funded by the wealthy industrialist owners class a cult was formed based on an obsession with the gold standard the same man who started that cult went on to create the freedom school which first the modern american libertarianism movement they require a license to drive what's next requiring a license to make toast in your own damn toaster oh fun fact charles coke was one of the students the ideologies of the freedom school have weaved their way through the last century with reincarnations through various libertarian organizations and figures such as ron paul and murray rothbard who were also strong gold standard proponents in 1997 libertarians james dale davidson and william reese mogg yes that is his dad published the sovereign individual expressing disdain for pesky taxes and pushing a future of sound money via some sort of digital cash and our mate peter thiel loved this so much he wrote a forward we'll come back to him okay since the 1930s there have been two main economic schools of thought that fight over the cause of that global financial crash keynesians mostly fought to remove the gold standard and introduce fiscal policy and austrian school economists or monetarists fought to keep it blaming governments printing out money for all of our problems although various policies from both sides have been implemented over the years the argument to leave the gold standard behind has prevailed it is widely considered among economists today that this is what helped lift the economy out of the depression and look i am not a [ __ ] economist okay i can only tell you objectively what's happened in the past and that there is 99 consensus among all leading economists today that a return to the gold standard right now would be a pretty [ __ ] bad idea on the contrary have any conversation with a bitcoin bro and you'll soon find that they believe that they've earned a master's level economics degree awarded by the [ __ ] school of reddit and they actually believe that a coded in monetary policy devised by one person in 2008 is the answer to everyone's fiscal woes the number go up brain worms are real and if you're an aslash bitcoin bro currently writing me a lovely thesis in the comments about the [ __ ] cantelon effect i respectfully ask you to instead write your comment out in notepad on a cheap laptop with windows xp installed burn the file to several dvds post the dvds to a neutral third party then ask them to blackberry your comment to a usb printer in a remote hotel room go to the hotel room and don't leave until you've smashed the printer to pieces with a screwdriver selling a hedge against inflation to vulnerable people is not even a new scam glenn beck peddled a scheme in which people would be pressured to buy gold at an inflated price with the promise that it would increase in value over time using hard salesmen and pressure tactics to convince them that the dollar would be inflated to near zero the company was eventually forced to refund 4.5 million dollars to customers the same thing is happening right now with bitcoin except this time there will be no one to sue because the salesmen are hexagons on twitter when i was researching this section of the video all videos i could find on youtube of people arguing that we were on the brink of another global financial crash because of rising inflation rates we're also shilling dodgy looking courses and this is true of all of the bitcoin and crypto bros on twitter how can you trust anyone to give advice on a stock that they're personally benefiting from yet no one in the community seems to give a single [ __ ] as long as number go up and the demonization of inflation in the mainstream press dubbed by republicans as by dynamics merely to use as a weapon against him is not helping the use of the words freedom and depriving ordinary people of value when translated simply means freedom for the rich not taking money away from the rich and it has meant this since the inception of conspiracy theories surrounding the federal reserve and it still means this in the bitcoin community now for those in the back you're parroting the same talking points as nazis over the last 100 years the federal reserve has created bubbles and burst them enslaved us with debt and destroyed our purchasing power through inflation yes it's been a wonderful lie for the bakers there are striking parallels and frank capra's it's a wonderful life to the lies and tricks that real bankers used to create the federal reserve and then they were shocked when jordan peterson was announced as a speaker at a bitcoin event are we the baddies 0.01 of people invested in bitcoin own 27 of bitcoin right now who do you think is going to win here in the long run how is that wealth all of a sudden going to be redistributed to the poor you're not subverting the system the system has already subverted you you aren't getting rich you're buying the winklevoss twins another yacht how about the people who are unable to buy a now or benefit from generational bitcoin wealth the people who can't afford to buy a now but who would like to have children in the future onto ethereum to understand ethereum i think it would be helpful to provide a quick background on peter thiel in the 80s peter was at stanford university serving as editor-in-chief of the stanford review a conservative libertarian newspaper he then went on to co-found paypal teal wanted paypal to be what people believe cryptocurrency provides today a hedge against inflation except facilitated by giving customers easy access to foreign currencies he now regards the company as it is today as a failure of paypal's original goal and in 2015 on a reddit ama he mentioned his interest in bitcoin fulfilling this vision for him after selling paypal in 2004 he went on to co-found palantir a data analysis firm they stated that they could use their knowledge of fraud detection software in the fintech industry and apply this to a wider spectrum of data sets to detect terrorist activity on the internet and their first backer was the cia clearly building up an increasing interest in the harvesting of data it's not surprising why in 2004 peter dropped half a million dollars into facebook becoming the first outside investor he acquired 10 of the company and a position on the board in 2013 palantir controversially became involved in the cambridge analytica scandal cambridge analytica had gained access to 87 million facebook profiles without the user's permission and used the data to target political ads and it was this that experts believe may have swung the brexit vote in leaves favor it was alleged by a whistleblower that multiple palantir employees sort of helped them with this interestingly cambridge analytica attempted to start its own cryptocurrency dragon coin for the specific purpose of harvesting people's data it was marketed to the chinese public as a way to gamble in casinos on the island of macau because gambling regulations in china were rather restrictive but the project was abandoned once the scandal came to light in 2018 and the company was shut down the way that cambridge analytica was talking about it they were viewing it as a means of being able to basically inflict government control and private corporate control over individuals which just takes the whole initial premise of blockchain technology and turns it on its head in a very dystopian way the year after cambridge analytica collapsed among a sea of controversy in 2013 a young russian man called vitalik buterin wrote the white paper for ethereum and in 2014 the teal fellowship funded vitalik buterin with a hundred thousand dollars to drop out of that stupid woke college that was no doubt poisoning his brain with evil multiculturalism and holding him back and got him to pursue ethereum full time in 2020 the nhs asked palantir for help in battling the spread of the pandemic palantir charged the nhs just one pound for their services they didn't care about the money they just wanted the data the nhs gave palantir access to millions of british citizens medical records with which they could trade their data analysis models in 2017 bitcoin shot up in price when his vc the founders fund bought an estimated 15 to 20 million dollars worth i don't think it's a coincidence that the same people who are funding cia-backed data analysis firms have direct ties to the cambridge analytica scandal and the scraping nhs data are also funding blockchain technology do you really think web 3 is going to be about privacy and being in charge of your own data in 2017 the teal network came together in the uk this is a network of conservative academics including jordan peterson who are attempting to influence government policy on free speech free speech being code for normalizing white nationalism palantir's chief of staff has attended meetings with christian theologians at cambridge university's faculty of divinity with jordan peterson in attendance their common concern was the increasing threat from the advancement of a liberal agenda to traditional christian religious and theological beliefs including an unnerving fascination with race science unknown to most peterson seems to be sympathetic to scientific racism despite disavowing far-right views but tends to only admit this and in carefully guarded terms in specific discussions there are profound and virtually irremediable differences in people's cognitive performance and that those differences have a very a very solid biological and heritable basis the ashkenazi jews for example have on average a 15 point advantage over the rest of the caucasian population which is sufficient to account for their radical over representation in positions of authority and influence and and productivity of course that was laid out to some degree in bell curve back in the 1990s peter has now left his position on the board of facebook so he can spend more time supporting the campaign for donald trump's re-election being silicon valley's most outspoken supporter of him now we are told that the great debate is about who gets to use which bathroom this is a distraction from our real problems who cares he's now heavily invested in ethereum bitcoin and eos blockchain technology and in addition has direct control of the most advanced data algorithms in the world in 2011 peter's plans of developing a private island free of all government regulation was scuppered when he came to realize that it was not quite feasible the residents of the nearby french polynesian islands had argued that they didn't get much say in the proposed plans to build the supposedly self-sustaining islands just off their shore and only benefited the rich residents wanting to avoid tax funny that this is a phenomenon libertarians have always dreamed of and it's called seasteading innovative political systems could serve humanity better than governments do today that's why we work to enable seasteads floating cities which will give people opportunities to peacefully test new ideas about living together the most successful will become thriving new societies inspiring change around the world we're creating this future because governments profoundly affect our lives and improving them would unlock enormous human potential the aim of ethereum it seems to me is teal's second chance at sea studying he wants to cyber seastead on a cloud economy beholden to no government regulations and no tax but he needs people to jump onto his seastead and what better way to get people to jump than to tell people that there's treasure on the island krypto is worthless as a currency but it's the perfect marketing strategy it means google and facebook will no longer have all of silicon valley's precious data but the largest companies to build on the blockchain will instead and they won't be held back by silly regulations like gdpr if they get their own way and remember a blockchain is immutable they'll potentially have access to a much larger pool of data than google and facebook have right now this isn't the masses fighting the one percent this is the five percent fighting the one percent for data sure you can choose to have an nft of your medical records on the chain but we will eventually get to the point where it's made so easy and convenient for you to have say your medical records or your mortgage details on the chain that it would be almost stupid not to we're already on the trajectory towards completely transparent data profiles right now we purchase more and more devices and download more and more apps every day for the purposes of convenience and we're beginning to accept that this just means that your data will belong to that company but in the future it will belong to all companies that build on the blockchain it would be stupid not to build your app on the blockchain there would be no hope of your tech startup being competitive if you didn't as satoshi nakamoto said themselves it takes advantage of the nature of information being easy to spread but hard to stifle they would like a society governed by code written by them without having to deal with the inconvenient nuances of a progressing society involving racial tensions or the experiences of trans people or congress holding them back with rules and regulations but the world isn't a logic puzzle that a russian computer programmer can just code us out of the human experience will never escape feelings and needs that go beyond rigid code this is a utopian vision based on an engineer's entirely systemic analysis of how a society should be governed cultural and political contexts eradicated the entire system is hard-coded to realize the whims of the richest in society a free market is a type of democracy but one where the poor get the fewest votes and this is exactly how a dow works and this is exactly how proof of stake works consensus power over the whole chain for the rich crumbs for the poor and you'll be so poor you'll be compelled to sell more of your data to the rich this was already proven with the catastrophic failure of ethereum's first ever dao the dao when the blockchain was hard forked to reverse a hack draining their investors of 50 million dollars the vcs didn't want to lose their money so they changed the rules the unforked chain ethereum classic still exists but it's crypto is only worth 25 now so i wonder why most people chose the chain that the rich people chose and if you really want a sinking realization of how bad this could get if it would avoid of any regulation just google assassination politics back to present day and blockchain technology advocates are pushing the idea of social media on the blockchain on a protocol which records the history of everything you've ever done online the incentive to remain completely anonymous is absolutely paramount this could give rise to an increase in far-right ideologies paddled online culminating in terrible situations if left to develop unregulated it's quite hard to conceptualize what the future they're envisioning would look like right now in much the same way that someone in the 80s couldn't envision what the iphone can do right now so try to think of it like this bitcoin wants to be a simple peer-to-peer payment app on your iphone ethereum wants to be the iphone all of the data on the blockchain is the large chip in this iphone it's a ginormous database of everybody's medical records social media presence past and present financial history your life story your loves your hates everything based on this ginormous database using patterns that ai has found it can accurately predict the actions of any human being on earth even if you go fully off-grid and none of your personal data has been contributed now imagine that the daos the large companies that build on the blockchain that will inevitably come very powerful are the main apps on your home screen so one of them could be a marketing company dao a company could come along to this marketing company dao perhaps a pharmaceutical company selling drinks and they could say to the marketing dow i want you to use all the data you have on the blockchain to start advertising my drugs to not just everybody who might need them now but everybody who is likely to need them in the future i would like you to plant our brand into their brain five or ten years in advance hey why not maybe push them into becoming addicted to other products that will cause them to need our drug in the future and then say you might have another app on this ethereum iphone called the military industrial complex so [ __ ] knows who will have access to those powers at that point but the military industrial complex could be one huge dow based on the data it could draw out an entire road map for invading a country based on its weakest entry points and weakest individuals it could disseminate extremely intelligent failed propaganda to citizens the war could be over in minutes the algorithm would immediately decide who lives and who dies only responding to votes cast by anonymous and wealthy token holders and just in case you were thinking this sounds far-fetched peter thiel's company palantir have already had their algorithms used to decide which ice detainees to arrest it has been used to fuel the biggest deportation raid in u.s history the infamous brock's 120 raid and the 107 11 raids he already oversees the algorithms that decide the fates of immigrant families lives during that huge us raid 443 people were arrested and almost none of them could be prosecuted yet there was no one no human to blame for the poor profiling where code is king you can only blame the algorithm i only plans to live until he's 120 years old by taking hgh and blood transfusions from the young trillion dollars and now the market oh ow it went [Music] but will the data revolution happen that's a tough one i do believe this is a bubble and that all of the tech is clearly overvalued for reasons i've laid out but it doesn't mean that it will pop in spectacular fashion depending on how long the vcs and the vaporware developers can drag it out if it does deflate or pop however the vc investors will not allow it to leave their billionaire clients in the red without access to sophisticated algorithms retail investors will be left in the dirt that's just an inevitability and the worrying concentration of those with far-right conspiratorial tendencies who have bought into these schemes may have the rug spectacularly pulled out from under them and they're going to get angry will they turn to socialism to try and fix these problems i don't think so the crypto evangelist population skews heavily towards a sort of new age libertarian anti-government right-wingism and when they see their financial dreams evaporate they will likely set their sights for revenge on the things that they already despise the broad effect will lead to a large number of newly angry bitter disillusioned hopeless people who are too steeped in the culture wars to turn towards working-class solidarity and instead turn towards hate the delusion that salvation from capitalism can be found in new more clever capitalism is incredibly seductive and always wrong we may be forced to integrate this technology into society in the long run and people like andrew yang even believe that it could be a force for eradicating poverty and to do this he wants to set up a dow to lobby the government one that gives more voting power to the rich but vcs have been wrong in the past they said that we'd have air taxis by now to take us to the airport what we actually got was more traffic but in a tunnel underground oh my there's a traffic jam oh here's an idea how about trains ai gene editing robotics blockchain and 3d printing are all predicted as being the future and they could be right or they could be very wrong but if they're right it needs to be carefully regulated and seen over by the correct people otherwise we will suffer from unfettered capitalism and rampant inequality in ways that we've never seen before i have nothing against an automated revolution because this could lead to humans having to work less and this would mean more time for art and none of it would be of [ __ ] apes but in the hands of the people that it's in now it could lead to an elitist owner class and jobless masses currently 47 of us jobs are threatened by automation and this could go up to 80 and with an economy based on digital ownership and smart contracts the elite could collect royalties on every transaction the idea of renting digital assets from an owner class is already being thrown around if left to its own devices i think that this could lead to some sort of tech neo-feudalism or you know it's probably nothing web 3 wants to take politics as we know out of many things but not to be neutral but to take democratic rights and rules for participation away when only the code decides and there is no place for debate and political struggle how do the disenfranchised get heard how do the powerless organize and revolt politics is about struggles about people having different interests and fighting for them and often against their political opponents web 3 doesn't want to stay out of it it wants it to stop whether it happens or not the conclusion that i've come to is this satoshi nakamoto created blockchain technology after the financial crash in 2008 and successfully marketed it as giving power back to the people and people still believe that to this day but the people behind blockchain technology didn't want to help the protesters of occupy wall street they wanted to be the people on the balcony with the champagne but if the bubble pops open c will be pretty much worthless so i might buy it and change the code to redirect everyone's nft jpeg links to goatsi full circle baby [Music] hsbc [Music] [Music] he [Music] [Music] [Music] i said why would someone buy a stupid lft then he didn't talk to me [Music] [Music] [Applause] [Music] alex josiah brown alexander young david s music rgw lena clear maria papitelli eric darling brett island lola carl eric patrick it wasn't women don't pay out of their books opto brad 67 objects told you skunk head garth watch on switch chew atticum bench or tias 83 justin smith dave kelly milanoo garrett tanner brandy gray fluffy tusk easy bake urban vlad morrows of astron hill dunning kruger pressure child michael porter alfie moogly machina max conan elegance william wallace kane bailey thomas denzel young agent vx kate henchman jason silva queen h t h stack r larry n martin king steve florence frank andrews catherine espelle moca leafa senior brainwashed forwards junior christopher campus summer doctor the chance mitch milk moonshine wildcats mitchellius three-minute mile elite clean fleet and arena cora gonzalez mickey army johnson laura dougherty quit stuffer mj evangel music is magic alice chelsea we have a new westminster nazi kuwaito paris and marion lou and emily riceman german and ashley burr [Applause] [Music] you

Channel: münecat

Views: 1,308,612

Keywords:

Id: u-sNSjS8cq0

Length: 101min 48sec (6108 seconds)

Published: Sat Mar 19 2022

Reddit Comments

[u/NormieSpecialist]

I love the end of the video, where she says the people interested in crypto claim to support it for the little guy, but their actions show they just want to be the one percenters, the ones on the balcony looking down at the 99% protestors. I love it because Folding Ideas came to the same conclusion. Cryptobros want to be the boot, the trend setters, etc. Greed is greed and crypto currencies is just another attempt to fulfill that greedy need, cause the 5%ers can’t do what the 1%ers dose. But they want to so badly.

[u/Abn0rmal43]

Münecat is so fucking good, I just binged all of her videos and they're all so high quality

[u/Sebenbillion]

Never ask a woman her age, a man his salary, or a libertarian about the age of consent.

[u/ilolvu]

The Car Salesman likes crypto. This tells you all you need to know about it.

ps. if you want to know a leftist solution, google "credit union". Because of course it's a union...

[u/SpeedDart1]

Web3.0 won’t prevail, it’s well known among software engineers to be a buzz word crytobros throw around to pretend their part of some new movement when in reality it’s just a marketing campaign.

[u/Maysock]

New münecat, yeet!

[u/Lorddragonfang]

As a web dev "with back problems", it kind of annoys me that half of her examples of "web1" are actually direct examples of web2 (or rather, "web two-point-oh").

[u/Candy_and_Violence]

going for the Debbie Harry look now I see