The moment I saw an influencer advertising NFTs was the moment I curated them out of my media consumption. I so appreciate TFD's high standards for ethics.

“So I’m gonna phrase this delicately” less than a minute later: “you have to be SO STUPID” First video I watch of this lady and I already love her.

The more I learn, the more firmly I hold to my cardinal money rule: Do not spend money on things you don’t understand. If you can’t explain it to a six-year-old, you don’t really understand it. Also, a lesser-known but equally valid rule: If a new company advertises during the Super Bowl, that company is not going to last.

Hi Chelsea, I am a mother of three little girls from Spain. Although I don't pay for your membership I do listen to most of your free videos on KZfaq. Thank you so much for helping me changing my mindset about money. I am also learning a lot of English words while listening to your talks and this is helping me to progress in my job since I work with international clients. I appreciate everything you are doing for the community and i am a more responsible and aware person that I was before. Greetings from Spain!

Chelsea doesn’t want to say it, but I will: GRAHAM STEPHAN.

My disappointment was definitely in Graham. I was so strongly against it but he had me second guessing my initial thoughts. Made me feel like I dismissed it with not enough research. Luckily my finance personality isn’t built for that level of volatility.

I’m new to this channel and to personal finance stuff in general. But oh my gosh I feel so validated by this video. Every time a crypto bro tried to explain it to me or sell it to me I always came away with the feeling that I was too dumb to get it. Like I remember asking someone, “so if there isn’t a bank, or nation, or anything backing this currency, what is stopping it from crashing overnight?” And then I would get some “but block-chain” argument, at which point I was like, “money doesn’t make any sense anymore” but now I feel better.

Chelsea, could you do a “hot take” on all the “doomsday / it has begun”-content out there? It definitely raises anxiety and people would then again make “less than thorough” decisions with their finances. Or maybe you too feel that the collapse of the financial system has begun, etc. Would be really interested in your opinion!

The idea of currency being an investment is insane. I have been saying this for years!

And this is one of the many reasons I love TFD. I've followed you since I was a college student and I am so proud to be a part of this community. There were moments at the end of 2020 when crypto shot up that I regretted not being "in," but I couldn't bring myself to do it. I just didn't understand it and couldn't make any sense of it. The environmental impact alone was a deterrent, and I am so glad I stuck to my values.

YES, to Ben McKenzie, the way he's been the only famous person saying the truth about Crypto from the begginning is amazing!!

I'm a guy who didn't get into crypto. I'm pretty investment shy to begin with, but I think what was my saving grace here is that I could readily admit I just did not understand what it was or how it supposedly worked. I watched videos on block chains and crypto and nfts and always came away with a feeling that I understood the whole concept less than when I started. And if I didn't understand these things well enough to even rudimentarily explain what they were to someone else, then I figured putting my money in them wasn't a good idea.

Love the accountability idea; If a celebrity does not have the same risks and financial losses on the financial products they advertised, they are deluding their social base to pour money into something they are not fully confident in, or even worse, if it is the case that these celebrities have back-doors that regular people don’t to recover their investments.

"I'm sorry that you have that brain" 🔥🔥🔥🔥🔥🔥🔥😂🤣

Thank you so much for holding me back from wasting my money. If it wasn’t for you I would have 100% invested because my whole family was doing it

2k followers left to reach a million!!!! Omggg! I remember watching Chelsea saying, please help us get to 500k. And here we are!

YES DRAG THEM!!

my therapist friend asked me, a software engineer, what i thought about nfts and crypto. i told him my honest opinion: that most software devs see crypto as a meme/scam/not legit in any way. he still lost money in meme coins unfortunately. :( my partner, who is both a software engineer and a lawyer, found it really funny that neither tech nor the law profession finds crypto legit, yet everyone else seems to think crypto is this genius idea that has innovated both fields. ???

The content here is always great, but your ethical North Star is what keeps me coming back 👏🏼👏🏼👏🏼👏🏼

I'd also like to ask the people who put ALL of their LIFE SAVINGS in a "investment" that was unregulated/uninsured, WTH were you thinking? And many did it all because someone, who was already rich and getting paid, told them to.

Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said Tuesday that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.

This reminds me so much of what we've been seeing in Brazil in the last few years, with the boom of digital banks offering easy credit and easy investing to people with no steady income. All the while having no security (app break-ins are increasingly common) and including volatile stocks in accountholders' emergency funds, which crashed and burned this week when a retailer whose stocks were included in the fund went bankrupt (even though they were given high ESG scores across the markets).

The drag I needed to kickstart my day. Thanks TFD!

I agree with your husband on crypto, 100 percent, before and after the meltdown. Men may not usually be the prey of MLMs, but my understanding is research has shown men tend to be more emotional when it comes to investing, and I think pro-crypto arguments really play to emotion /FOMO.

I think you used this quote on a recent podcast "to be fearful when others are greedy, and greedy when others are fearful.” and that sums up this whole situation, people saw 'easy money' got greedy, overconfident and invested way too much. So glad for the guidance of TFD and your strong ethics for never steering us toward this mess.

I do feel bad for those who got duped/seduced into crypto, although I feel like the time where crypto ads were everywhere and seemingly mainstream overlaps heavily with the time in which debunkings of crypto were also easily accessible (particularly Folding Ideas' video, which is so compellingly scripted that I sometimes put it on in the background while cleaning and as a result have watched like 10 times). People are being seriously hurt financially, and it's even harder for them to end up with huge losses and then feel embarrassed to tell their friends/family about it. On the other hand, I think it's fair to jeer and cheer for the crypto crash in general, not only because it's a blight on society but because of the nastier aspects of the crypto bro community. These aren't just starry-eyed icaruses, they were by and large hubristic cult stans trying to avoid taxes and create a dog-eat-dog hellscape where everything is reduced to its resale value. We should all breathe a sigh of relief that crypto finally got a pie in the face.

Finance suffers from the fact that it is really boring. That allows people to assume that it is also really hard (some of it is, but vast majority of finance is pretty digestible). So other than actually reading a book and studying the topic, a lot of people will delegate that task to someone else. That's fine. You don't have to study everything, but don't delegate your fucking common sense. How can something be both a currency and an investment? How can something be both an inflation hedge and correlated positively with the economy? How can something give you a rate of return in the low teens yet be risk-less at the same time?

Chelsea, I ❤️ what you do. Thanks for keeping us educated and entertained.

This is the first video I’ve seen from Chelsea ever, you just made a fan for life. So much of the influencer community has participated in predatory tactics not just on Crypto but in every market.

Dividends are what got me into investing in the stock market. The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. Have over $600K in my portfolio as I bought a lot of dividend stocks before, I'm buying more now, and I will buy more when it drops further.

Please send our well wishes to Mona that she gets better soon! 🤗 Feel better Mona darling 🐶💕

this rant is so justified; crypto was truly a scam and it's insane how many ppl were okay with engaging with predatory behavior just to make their own buck

This is the first time I see Chelsea show her fangs and she does it like a true lady! Congrats! Especially the blackjack table comparison!

Love this! Thank you! So badly needed.

as a pleb ive learned whatever is being sold to me is to be taken with a high level of skepticism. if the rich want me to have it I probably don't have much to gain. I have a higher level of respect for tfd with this opinion. some of your insta posts have been questionable but I'm generous with honest mistakes

Feel better soon Mona! My cat was recently diagnosed with colitis too, so I can imagine what happened to her old toy. Hope this flare won't last long!

Currently talking to my financial advisor like a disappointed mother

Good Lookin' Out. That's why I watch this channel👍

“Meet Kevin” was the worst. He pumped Crypto big time.

The lack of regulation was what always made my skin crawl, I saw lots of people who couldn't afford to lose money being convinced that crypto was their 'get rich quick' opportunity. They never understood how crypto was contributing to human trafficking, child exploitation, and crime in general; other investments are not 100% immune from this but at least there are rules for regulated institutions around monitoring and reporting. The fact that so many "bro influencers" were willing to ignore how crypto impacted women and children was disappointing, to say the least.

Can we all just say it now? Crypto is the Beanie Babies of this generation.

Hot takes all over the place! I'm here for it all! Well done.

Poor Mona!! Hope she feels better. Best wishes to the new toy.

Thanks TFD, this needed to be said.

Hi Chelsea! I usually dont comment, but I really want to commend you for this video. As a lady who loves investing and follows many personal finance folks, I was shocked how one company, whose content and opinions I really respected, actively attempted to sell me crypto currency through messaging me on social media. I think it's important we vote with our feet, as these folks should have know better than Ashton Kutcher and Matt Damon. Great video and I appreciate your perspective. However, my love for Larry David runs deep so I can't ever hate him. Thank you again! Jill

This is why I love this channel! From day one I said crypto makes no sense and so many people argued to the contrary. I'm sad others had to lose so much to learn this lesson, but happy it is happening!

I think it's hilarious that some of the people suing and crying foul were the same ones brow-beating people in forums who said crypto was a scam.

As a white, upper class, white man working in tech, yes, drag them Chelsea, drag the crypto bros! Feel better, Mona!

This made me subscribe. Thank for this refreshing dose of reality

One of your best videos! Very interesting and well said.

I'm pretty proud to have always been on the right side of history with this too 😌 thanks tfd 🥰🥰

Chelsea, love your content soooo much. ❤

Crypto is a slot machine dressed up as an investment vehicle. It's ENTIRE value is tied to speculation. That's what makes it a gambling vehicle instead of investment. Existing currencies are tied to hard assets and GDPs. Existing investment vehicles are tied to Annual revenues and balance sheets. Speculation affects their value, but the floor isn't zero because it's not a make believe asset.

Back in my day we bought cryptocurrency to buy drugs online like god intended, what happened to us 😢

Sending this to my dad. I didn't realize until this video how scammy crypto was. I know people who are still putting all their money into this

Sending good vibes 2 Mona! 😊

Wish I could up-like this multiple times 👏

Your take seems to agree with my assessment. The odd part of crypto, for me, is that the true believers ("there's a future where all commerce is based on some coin and it's a true libertarian utopia") are never willing to commit to things like long term contracts denominated in crypto. "Would you sign a lease for X btc per month" has never gotten a yes. They want a lease in dollars with the option of paying monthly in crypto at the current spot price. That bit alone tells me what the future holds - at best these things are a transaction processing platform but the fees are significantly higher than banks and credit card companies.

Thank you for being one of the few sane financial related channels!!

I'm not saying blockchain will never be useful. But I am saying that everything I have ever heard about cryptocurrency/NFTs/etc. sounds like either, best case scenario, a "solution" that doesn't actually solve any problems or, worst case scenario, a horrendously expensive game of hot potato where nobody wants to be the last person holding the product, because the only way to make money off it is to find someone to buy it off of you for more than what you spent.

I am ready for the Drag. Cripto isn't an investment it's a speculation similar to gambling at the racetrack. Putting 2 dollars on a horse isn't going to break you to lose it and it's kind of fun if it pays back 20 bucks. What isn't fun is losing your rent money and being evicted because you bet on the wrong horse.

Glad that the algorithm picked up that I’m no longer interested in Jihk and Stephan but still crave Plain Bagel, Patrick Boyle, and Financial Diet!

Chelsea's "crypto bros" impersonation on 20:45ish is the best part of the video.

🎉🎉🎉🎉 Great video. Love Mona living her absolute best life in the background. Also: if you could somehow do an interview with Coffeezilla, I would be very jazzed.

Hi- I work for a Canadian bank and was an external auditor for a B4 consulting firm for years. The US dollar may be a fiat currency, but the $$$$$$ military budget is truly what props up there dollar as being the global currency. THAT is what allows the US dollar to be such a force on the world stage. Crypto ain’t got shit to stand on. The USD has the US Military.

Microsoft has given crypto an air of legitimacy. On the bottom bar of my work laptop, a "stocks" update scrolls through, with crypto like Luna and Terra presented like it's a stock exchange. Now consider how many people use Microsoft laptops, and how that contributes to a false popular perception of crypto as "safe".

THANK YOU

im studying blockchain technology in college currently. scams make up over 90% of the market, which the tech community expects to die off when financial literacy among internet users increases. the technology can be used for incredible things if applied correctly. but obviously don’t take investment advice from anything with celebrity endorsement. that just shows the financial illiteracy of the people falling for something so transparently terrible.

The fact that everyone on the planet can just make their own digital currency on a whim should have been enough for people to say... no.

Thanks for speaking the truth on this Chelsea, keeping it professional, educational and entertaining.

In German/ Suisse Television there was even a philosophical talk on crypto (SRF Kultur "Sternstunden der Philosophie" "Bitcoin - a new world order?") in February 2022, which was way to positive (I was shocked). And in the comment section on YT the typical crowd... It is one of the most watched videos in 2022 on the channel. Thx for your videos and your high standards.

Best rant ever Chelsea. Thank you for this video. It says what I’ve been telling everyone that would listen for ever. Fabulous.

Idk how FTX got funded. I watched some talks he gave beforehand and I was like he’s just saying anything. Word salad. If he was a woman they would have laughed him off the stage.

TFD team, I really love your work, and this video is especially important, since there are still a lot of people who think crypto is a good investment. It's a shame the video doesn't have closed captions (also in Portuguese, I wanted to send it to my brother, he needed to see this...

Word. I was dating a guy last year who was so ham on crypto and nfts; he wanted me to do it, and frequently suggested it, and I flat out said nope, not for me. Not a good idea. Thanks Chelsea and TFD team!

so many valid points here, including UM hell yes let's get ben mckenzie on the pod!!!!

On point as always. Thank you for everything you do for the community and society as a whole!

lol loved the generous readings. Best way to say I told u so.

Thank you for maintaining integrity through this hellscape that is capitalism

It was really watching your videos which made me feel like my skepticism was in the right place with this whole shenanigan! Horray for anti-bro finances!!

This is a great video. It made me subscribe.

Be careful of scammers in the comments.

It was a bubble. It exsploits peoples need for « free money». In reality real money need’s to be worked for over time. And then « invested» in real assets like realstate , a business, stock. In every bubble there is new growt markets where 98% of the new companys go bust. Stick to the fundamentals. That is 1: Hard work 2: A education 3: creating your own business, that sells real products/services and grows from this 4: invest in stock, index funds, real estate 5: use debt in real estate, index funds ( not singular stock) 6: Time in the market, beats timeing the market. There is no « free lunch» 7: Red flag to look out for is « narcissism» ( If the CEO act`s like a asshole, then it`s highly probable that it is a scam) 8: Stick to investing most of your assets in real estate, index funds, and Giga growt stock ( Apple, Tesla, Microsoft and so on) 9: If the scheem seems to good to be true, then it is a scam 10: If you can’t sleep at night, then cut your investment down to the « sleeping level»

If you are taking any form of financial advice from a 'KZfaqr', without being aware of the risk of a given asset, I am laughing at your pain. You have earned this.

This is a valid argument and I respect the work that you put into this video

Crypto just seemed like so much techno-babble, smoke and mirrors to me. And having been a writer in the financial services industry for far too many years, watching regulated financial institution disasters occur, I really didn't trust a non-regulated so-called currency. Was made to feel far behind the times, stuck in the past, and not riding the wave of the future. So glad now that I ignored the insults and stayed in my little government regulated cocoon.

Like your husband (male and working in IT) the rise of bitcoin/blockchain was interesting and i had.lots of discussions with very knowledgeable (IT) people but to me it never seemed to really address a "problem" while the potential for abuse seemed huge (and this was even before NFTs became a thing). So glad TFD or people like Patrick Boyle never jumped on board and stayed true to their principles.

There is a really big online marketing summit in Hamburg taking place every year and last year they were pushing NFTs as a topic hard. The whole conference revolved around it in way so I'm very interested so see how they are going to spin this crypto fall out during their next event.

Sigh… yeah. I personally lost like $25k in all this bs listening to Graham Stephan, Andre Jikh, etc. mostly through investing in iot miners and stuff like that. I’m not a wealthy guy and really wish I’d have just saved that cash for a down payment on a house. This was one expensive lesson, let me tell you.

TFD is absolute class. Discouraging crypto even in its heyday, 4 day work week to their team, women-led discussions for personal finance in all sorts of interesting topics, taking accountability immediately with sometimes suspect sponsors & being picky with sponsorship in general.

I thought Bitcoin had good intentions back in 2016 to 2018ish. But once NFTs became more important and other coins it was more clear it seemed scamy to me. I was really surprised how many people bought into it.

The best measure of a currency's potential to hold value is that currency's ability to pay taxes.

Chelsea, you are great!!!!

Cheers from the Pacific West Coast of Canada.

Great call out Chelsea!! 👏🏻👏🏻

My husband "invested" 12k... now he has $1,800. It's was a flex around family but now it's a great comparison like "those flamenco shoes are $200" me: "that doesn't even compare to the crypto" him: "..... yeah."

Graham stephan 👀

I feel bad for average, every day people who invested in crypto. We were all gaslit into believing it was the future of money

To paraphrase Ti: Stay safe, stay away from crypto and never trust anyone with a Morphe code!

I'm here for it.