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The fact that one crypto crash is basically a repeat of the 2008 financial crisis... I do not want to live through that again thanks!

I have a friend from Kazakhstan who hates crypto with a passion because it essentially was the reason the riots happened - skyrocketing energy prices as a result of crypto farms. So even from that standpoint it was doomed to fail, and the crash happening now seems to be a culmination of the real world events of last year - riots, China banning crypto, etc. It was basically "how long can we keep killing puppies for fuel until the people in the land we kill puppies get sick of it and ban killing puppies". It may seem like a current topic, but it's basically been crumbling for a while already, and I suspect with my limited knowledge that it's only crashing now because people with the most to lose kept it artificially above water long enough to get others to buy in, then ran off to leave those people holding the bag. I saw a metric fckton of NFT and crypto ads at the beginning of the year at the same time as I heard crypto farms were being banned, so I could see that it was someone trying to sell a sinking ship.

Chelsea, you have got to speak to munecat -- she's done a great breakdown of Crypto and Web 3.0 to complement Dan Olsen's great work.

25:00 "...people generally try to financialize *nothingness*, & it turns out, you can sell *nothing* to a lot of people, & they'll fall for it." Just one of a dozen phrases haunting me so far.

Best investment advice I ever saw: If you can't understand it, don't buy it. Educating yourself aside, (I can spot a pyramid scheme,) but crypto was clearly not creating anything of value, not producing anything, it was a lie. I saw it was nothing. I don't have to understand computers. I understand real money is based on real production and value, and fiat money is based on confidence.

This was a seriously great interview. Thank you to all involved for the work in unpacking all of the concepts and theories and ripping the facade of lies off of these structures.

The most insufferable thing about cryptos are the people who think they understand it all just because they bought some random coins from coinbase and start lecturing anyone they meet about crypto/their random coin-related protocols being "the future". 🙄

Phenomenal interview, this was so informative! I’d love to see another episode like this in the future.

it's a shame the sound is so low on his side. Is there anything that can be done in these cases? Maybe some post- production?

I never bought crypto but I was curious about it because of the hype. This interview however was very sobering and made me realize that the emperor truly is naked.

Okay, completely off-base but Stephen is high-key adorable 😅

I was making my Bento box for lunch, then moving my paycheck around in my credit union account while listening to the issue of crypto coin BS. All I came out with was a nice chicken breast with a sweet chili and onion sauce, with rice and another level of understanding of why I listen to this site. Informative and fun. Thanks.

This was AMAZING!

Great content, but would love for there to be succinct ad breaks!

It sorta feels like software engineering as a field is going through ethical growing pains. Accountants, doctors, lawyers and numerous other professions have ethics boards that are comprised of people in the profession. This is because the knowledge imbalance between someone within and without the field is too great, and could lead to abuse. Like crypto in the case of software engineers.

I have been terrified about the idea of investing for this reason and I’m grateful for listening to my gut and not digging into it

I'm a stupid sucker that got sucked into it. I don't feel like a victim, I just feel more disappointed in myself for being an idiot and taking the scam. Even more so because I am very skeptical on many things. Although once the money tripled in my account it had the emotional pull of being legit. Now that the loses mounted, I'm just angry I was so dumb to fall for it. So the best I can do is accept my failure and try to learn from it.... While being all the more poorer

By far, one of my most favorite interviews!

"Suckered in by Matt Damon" lmao That was willful. Matt Damon's anti-government, pro-Q stances have been known since "How 'bout them apples?"

46:00 this guy didn't answer the question. The current crash was allegedly triggered by a hedge fund lol. What portion of the market is institutional investment? This entire interviews is just a giant "citation needed".

such a great time!

I used to get so many TikTok and KZfaq videos on my feed about how these crypto bros/stock mini Buffett wannabes “were killing it, follow and pay for my content to show you how you can too.” Now I Never hear or see any more videos of people making so “much money” with crypto. Most probably got wiped and lost a lot. They were just riding an extremely bull market and didn’t really know how to trade like they thought.

Jesus there are so many bots in this comment section. Anyway, great video and very informative. I invested like $200 and I think I have only lost money where as my regular invests I've gained, or lost a little. I get annoyed when finance guys will be the first to tell people to invest and then in the same breath tell you the fact you have credit card or student debt is a moral failing, no recognizing the hypocrisy at this point I guess

Does anyone have a link to Stephen's book?

I really enjoyed this conversation, but it's a shame that Stephen's audio wasn't great. I often found it difficult to understand what he was saying - I had to turn up the volume to try and hear him more clearly, but unfortunately that also caused Chelsea to be a bit too loud. I think it really does highlight the difference in audio quality between a professional studio and an average person's home office.

Gotta credit Ramsey for telling everyone to not do it despite getting clowned on before the bubble popped

Thanks for this. Didn’t understand very much however although I tried hard. Appreciate your efforts. Will re watch and re watch. No hard feelings, have watched many other videos prior to your posting. Won’t give up and won’t invest until I understand.

can we have a course on macroeconomics by TFD? like all those bubbles people are putting value in. but how is the gold different from a bubble. like it's limited in quantity, once you have it there's less of it in the wild, but then like who cares, there's still some sort of agreement that gold is dope, you need to care or else it has no value. money/assets are weird.please explain. 🥺

Did Stephen say he has a podcast?

was hoping you'd talk about this!

Hahahaha “just buy some drugs” Chelsea you are hilarious

nice vid!

26:03 I feel this, deeply. What I find so obnoxious about crypto is the deep cynicism that underpins it with the people who are in it but know what's up, combined with the financial stake people have in relentless optimism over what is essentially nothing. It is a 'screw you I got mine' mentality that speaks of disdain for actual value in favor of just making as much money as possible without regard for anything else. Don't forget, the people who believe Bitcoin is the coin of the future also believe that they will rule this future because they were there first. And thats a frightening prospect.

Can someone explain how I pay a mortgage or by groceries with crypto

The most glaring issue I have taken with the crypto markets is the absence of creation of value. If your crypto is increasing in value, it is because other people at taking their value from elsewhere and are pumping that into the system. By and in itself, it doesn't generate any value, so not a good investment then. As currency, you can't buy much with any of them. Having watched both pro and against crypto content creators I can say this issue hasn't been addressed by the people in support of crypto, and in essence they are failing to admit that they're hoping they can make away with other people's money if they can sell it for more than they got it for. If bitcoin eventually becomes a stable currency, then if we ever need it to buy anything we can buy some and use it for what it is worth. In such a case you'd expect that an orange that's a Dollar should cost the same amount in bitcoin.

He is so correct the only way to exit liquidity is if someone comes in to take your selling order at a higher price

YES, MLM’s and crypto, they’re two sides of the same predatory coin, thank you! I was never able to put it into words, thank you

I didn't know about El Salvador. That's so infuriatingly tragic

"Great hair plugs," haha. Elon bros are the worst.

It's a shame the audio on his end is so awful. I had to strain to make out most of what he was saying. Good interview nonetheless.

Your videos come out at the perfect time. Thanks for shedding some light.

I felt completely gaslit for a year because “finance experts” said that crypto and NFTs were good investments that made sense. It literally sounds like a pyramid scheme. I am not doubting my gut again.

Great video!

Bravo! Crypto seems to be one of the gateway drugs to QAnon (unfortunately there are many gateway drugs) -- your comments about where crypto bros go next are insightful and troubling.

Chelsea talks out loud, wise, knowledgeable and with all this sovereignty and confidence, frankly very SEXY!

Wow that hair is gorgeous! Edit: I was talking about the host, not Elon’s hair plugs.

( I echo ) Excellent interview !

This is one of your best videos ever. SO MANY people's lives have been ruined by leaping headlong into crypto.

Why aren’t more people liking the videos? They are so many more views. The videos are so informative and helpful.

This was a great interview, thank you as always for this informative content.

I mean the money that went into buying crypto went to a very productive heat generator! you're buying pure entropy!

So informative - great interview

There is no meltdown

Crypto is for the poorly educated and those who live in Venezuela or a failing economy with a weak currency. The gaslighting happening for the past 10 years is scary.

What was the tulip craze?

The Tulips Craze wasn't even about the flowers. They were selling the option to buy a tulip that hadn't even bloomed yet

I'm looking forward to Chelsea launching Nihilism merch. They need to work on their branding

29:26

Am I the only one who KZfaq gave an NFT ad for the video?

Agreed on the most views of this video. But that characterization of the blockchain technology itself (meaning not under the context of cryptocurrency) is, in my view, wildly biased. The technology itself is an brilliant idea on achieving consensus in a trust-less system. Although cryptocurrency might not be its brights application.

I would feel bad for cryptobros, if they weren't assholes. They did this to themselves, despite what should've been obvious red flags. Just because it's digital doesn't mean it's the future. Every time I bring up legitimate concerns about cryptocurrency, I'm met with bullying and harassment. There's a reason they're called cryptobros: it's a portmanteau, "crypto" is in reference to cryptocurrency and "bro" which carries a pseudo-frat boy implication, on account of their poor sportsmanship and ultra-macho, belligerent behavior.

I have never ever believed in crypto and NFTs are even worse. People keep asking me about them. I always say they aren't real and while someone will make money on them, it won't be me and it won't be you because we aren't grifters.

Timely topic,and well discussed..all is true...imagine us from the Third World countries like in the Philippines being victims of these Nefarious Technologies controlled by few people...w/c the original motive was to help those in dire needs on monetary guidance...and without bank access or cant even afford it...I think the Tide has turned though,and if people don't realize that this will hurt many...for long time...

It would be great if you made a transcript of this video available. You could offer it for sale.

Small note to maybe bump up the guest's audio a bit if they speak really quietly or their audio is more muffled than Chelsea's!

The important thing about crypto is that fundamentally it's alchemy. By that I mean it's a system with a massive, complex and coherent intellectual structure (like Scientology) that can be studied and analyzed in good faith, and often is by the people who are into it. But the complex intellectual structure, with its own vocabulary and practices, is mostly there to be a smokescreen to separate marks from their money. Many people in the 15th and 16th centuries spent decades trying to turn lead into gold -- and believed it was possible -- but the only ones who made money did so by cheating others.

Only good application of block-chains I have been able to find so far is in smart contracts. If company A in Europe buys products from company B in China which uses company C as logistics, smart contract makes forging documents much more difficult. Since every copy is connected to each other, entities in the contract can see what gets updated, when, where and by whom. If company B sends less products than the contract states or C steals part of the delivery on the way, from the contract each company can see at which point in the transfer did the products disappear.

Hello fresh is somehow sponsoring everyone, weird. Got some good recipes though... Also: This may be an oversimplification, but as a rule of thumb that I go by: If it tells you that it will be stable and stick around, it is likely an asset (house, reliable company stocks,...) If it tells you it will make you rich, it is definitely not an asset (Crypto, NFTs, a Lotto ticket,...)

Yall are heros 💓

Something i have noticed from an Argentinian perspective , is that develop countries dont see usefull because they dont have big problems around Banks. In argentina just 15% of people have a bank and debit account , you can pay basic things for example a course or a suscription you use for working or just make a transfer. Also in argentina we have between 85 to 110% of inflation, so we generally buy dollars because are more stable than pesos, thing is goverment dont allow us to buy foreing currencies so you are not able to protec yourself from inflation. Many freelancers here dont have acces to get payments because they are under de law due to the high taxes 65% do again they dont have acces to de bank system . If It is not enough venezuelans ,people not goverment are recovering the economy through the use of bitcoin or sable coins. So what I've noticed is your perspective is from a privilage view where system is almost great even though the current resetion . So the technology is solving problem to people maybe not to you but is helping many 3th World countries. As .com problem in the lates 90s the marketi gonna correct it self gonna survive who ever who needs survive and then we might get new technology benefits.

More and more, crypto being sold as an investment option to the general public feels like a global MLM and financial cancer. As an aside, I've been nerding out on financial and currency topics over the past year, and as a resolute Futurist, for me finding a way to navigate us to a post-fiat-currency world requires finding a new way to assign value, and to assign it back to human or at least societal/planetary value. Like governments' currency would be evaluated each year (like GDP and the like) but rather than based on GDP, it would be based on the results of surveys of the citizens on how well the government is supporting them! Yes, I'm being super optimistic, but getting the conversation over to redefining value from a global corporatized dystopia back to value going to human aspiration. LOVED this video. Thank you so much for the thoughtful dialogue. 💗

Great episode that needs to be seen by all the potential victims. I'll own up to being old, not being a techie, and not believing that one can get rich quick from some magic formula. From the first time I heard about crypto, I was beyond skeptical. It was pretend money, tied to nothing. One made actual money by reselling the pretend money. When I would say as much, I was treated like the negative, backwards old auntie at the dinner party. No one had any respect for or interest in my point of view. So, I waited.

NGL, I'd be scammed into ChelseaCoin™️ but I love this ep, thank you for all the crypto content!

Sure, there is fraud in Cryptocurrency. However, he is not being specific about what cryptos are the fraud.

Ah, the “Greater Fool.”

Time will tell

Maybe I'll be able to afford a GPU soon

jealous of her fantastic hair

As a Salvadoran viewer, I'm so glad that you talked about this in your channel. But it's very unfortunate that our country is always featured in a bad light. I used to have a very neutral position on Bitcoin, but unfortunately when shit goes down in this country with Bitcoin, people's perceptions will turn really negative really quickly, and we're not exactly the most pacific people.

Amazing useful video by my GOD that hello fresh ad was long.

All the crypto spammers in the comments lol.

This guest is amazing. So thoughtful and knowledgeable and really skilled at distilling a complex subject

thanks chelsea

Chelsea in the ad break: relax wherever you're holding your tension Me, looking at the mess of knitting in my hands: Chelsea I will not be doing that

I guess crypto is gambling but it needs to be labeled as such not as sound investment or future inevitability. It gets pretty depressing if developing countries like El Salvador is bettting their economy on it and still so many investment people on instagram are still defending it we need to hold their feet to the fire. Never put all your eggs in the same basket

How is this not a digital Ponzi scheme? It bears a striking resemblance to Bernie Madoff's scheme, although decentralized and bigger.

The comments should be fun.

I know this is such a bleak topic but Stephen has a very relaxing voice ☺️

This is an excellent interview, thanks for featuring Stephen.

I'm so glad I never invested in hedera hashgraph's hbar. I was interested in it since December till about February, but it suffered big during the recent crypto crash. Until crypto has ACTUAL applications in the real world, on a mass scale, and is very low on energy use, (or comparable to our credit card infrastructure as it already exists) I don't see a helpful niche for it in our economy rather than as parasitic speculative risk assets. Gaming/art communities have been anti-crypto for years as well due to movers causing GPU prices to skyrocket. (Before even the rampant at theft in GTA) I wonder if the computer chip shortages caused the bubble to finally pop.

Even as a software engineer, I don't understand crypto. That being said, I never wanted to invest in it because I never heard a sensible explanation of how it has fundamental value. I'd rather invest in my education or my garden

Great informative vid, thanks Chelsea and Stephen!

I wasn't aware that protecting the public from scams was a progressive thing. Is there a movement against casinos and lotteries that I don't know about? If there is then count me in, and I don't consider myself progressive at all.

I am just glad I procrastinate on this thanks to your channel and Coffeezilla's.

This is a phenomenal interview ! Thank you soso Much ! X0X0

This is nothing. Is everyone forgetting the $20,000 price hit that then tumbled to $3,300?? And the main thing is that crypto is highly speculative and those who lose sight of that are the ones who get burned, this isn't buying bonds.

as a 20yr software engineer I think there should be a professional certification/licensing process something similar to what traditional non-software engineers have. But that's unlikely to happen until billions of dollars and dozens if not hundreds of lives are destroyed. We (as humans) don't really have a history of fixing problems before they explode in our faces

Thanks for the indepth explanation, it definitely helped me understand the topic a bit better. Watching Paris Hilton talk about her NFT ape picture a few weeks ago was such a weird, kinda dystopian feeling... Also, love the haircut, you look like a fierce lion!

I’m not investing in anything that doesn’t produce anything tangible.