What Ben McKenzie Learned When He Started Investigating Crypto | Odd Lots

[@BloombergPodcasts]

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[@armchairpsychologist2423]

Thank you actor dude, The truth is sometimes a lonely road.

[@bahmak2003]

Actor dude lost money because of his greed, he FOMO, and then because of his fear sold at a lost during crypto winter!😂😂😂😂 He’s a victim of his own fear and greed! Bitcoin is technological evolution not a quick money scheme!😂😂😂

[@Jhippo2679]

Reading the comment section reminds me of this quote “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” ― Upton Sinclair

[@bahmak2003]

I understand bitcoin when I heard it 2013!😂😂😂

[@andrewshantz9136]

Exactly, for example, when you are getting attention and feeling a charge of moral self-righteousness for calling crypto a scam, it’s hard to be neutral.

[@andrewshantz9136]

Only watched part of this. Does it get good at any point?

[@pnc1358]

All the problems he described is on the businesses circulating around Bitcoin, not the Bitcoin itself… did i miss anything?

[@LyteFlex]

Sigh you still don’t get it

[@Achrononmaster]

You can infer the problem with bitcoin itself, Ben does not outright say what it is, probably because he lacks the expertise. One problem is a currency is an IOU of the issuer, to have "value" the issuer must redeem. No cryptocurrency has that property. Then what if it is a commodity? But a commodity has to have real use, whereas a digital token that is essentially a certificate for solving a completely useless math problem (useless except for the fact it can be used to generate these ponzi scams) has no intrinsic value, so the *_fair value is zero._* Contrast with a state fiat currency: these have massive value because the state demands payment only in it's currency for taxes,fees, fine sand levies, and no one can create a fiat currency except the state or it's chartered banks (via credit) so you cannot get the state currency from anywhere else, or you are a counterfeiter. Yet someone somewhere is desperately seeking the state currency to pay their tax liabilities. Contrast with a pure payments layer that neither claims to be a currency, explicitly is not a currency, and explicitly not a commodity, like GNU Taler --- trustworthy and extremely useful for protecting privacy of payments for buyers, not seller, so no tax evasion. Try reading: "Seven Deadly Innocent Frauds of Economic Policy" moslereconomics.com/wp-content/uploads/2020/11/Seven-Deadly-Innocent-Frauds-of-Warren-Mosler.pdf

[@NoHornsNoTail]

Yeah you're right

[@NoHornsNoTail]

Pnc

[@kaldkun]

​@@Achrononmaster "One problem is a currency is an IOU of the issuer, to have "value" the issuer must redeem. " WRONG, Bitcoin is Bitcoin, not an IOU backed by the military. we can verify everything for ourselves. Never slept better owning the hardest money ever created. "But a commodity has to have real use, whereas a digital token that is essentially a certificate for solving a completely useless math problem (useless except for the fact it can be used to generate these ponzi scams) has no intrinsic value, so the fair value is zero.", In a world were everything is inflating, HOW DO YOU NOT SEE THAT BITCOIN WITH ITS ABSOLUTE SCARCITY IS THE THING WITH MOST VALUE? It was created after the financial crisis in 2008, no more inflasion for the people, that is it's intended purpose, and the mad man actually did it, it works!! Power to the people-restored! :D

[@hoots187]

Says Bitcoin is mot a currency then proceeds to provide no evidence or explanation

[@Achrononmaster]

A currency is an IOU of the issuer (one definition, Mark probably is not aware of, but it is a *_good_* definition). Anyone can create an IOU. The problem is getting it accepted. For stability the issuer must back the promise to redeem. If there is no promise to redeem you do not have a currency. No crypto is backed by redemption, so none of them are currencies. Fiat state money is currency because the state will always redeem their currency for payments of taxes, fees and fines, and do not accept anything else for such payments (or shouldn't if they do not want to be crazy like El Salvador). For more read "Seven Deadly Innocent Frauds of Economic Policy" moslereconomics.com/wp-content/uploads/2020/11/Seven-Deadly-Innocent-Frauds-of-Warren-Mosler.pdf

[@elysiumboats]

@@AchrononmasterCrypto is redeemable as transaction fees to execute code on their respective blockchains. Software (smart contracts) run on blockchains, and require the native crypto currency to execute that code. The idea that these are unredeemable is a severely uninformed take. Blockchains have enormous utility, and native currencies are necessary to introduce economics to prevent spam on each network. Keep reading because you’re obviously smart…but way way way behind on what this is actually about.

[@kaldkun]

@@Achrononmaster You post this on everything, you should read the Bitcoin whitepaper, it's only 9 pages, I bet you can manage that?

[@kaldkun]

@@elysiumboats Only Bitcoin is secure, so only Bitcoin has value; "crypto" is a scam;D Close, but no cigar

[@kaldkun]

@@elysiumboats Doesn't stop spam, Bitcoin with it's inflation hedge is the only thing that makes sence, ALL OTHER APPS CAN BE MADE WITH CENTRALIZED DATABASES, CHANGE MY MIND

[@HODL.BTC.]

This is aging like warm milk!🤣

[@jasonl5607]

I occasionally listen to viewpoints that differ from mine to understand counter arguments. Pretty disappointed with these clowns takes.

[@heinzyketchupy4175]

When you say crypto is a scam, yet are okay with LEGAL printing aka counterfeiting money, then you are clueless about what scam really means

[@chrismuller2780]

This video epitomizes the statist mindset of Bloomberg and their staff.

[@pyorba]

This seemed like a biased and uninformed view of bitcoin. Pretty accurate for the crypto part.

[@namtech425]

The attraction of Crypto is that it is not controlled by the govt of the world, that makes it either good or bad - can be used for unsavory methods on the one hand but on the other hand its also good because it give the people freedom to move currency around without the tax touching it. But what worries me it has no corporeal value. So I get confused.

[@davesteel81]

when something is not regulated, inevitably will be full of scams, everything in the world works like that.

[@upup209]

Surprised to see Ben still around

[@bahmak2003]

He has to sell his book! He lost a lot due to his greed and fear!😂😂😂😂

[@alexanderizaguirre8459]

This is not telling the entire story. If you self custody your own wallet and follow decent security approaches nobody is messing with your assets. Why would all the largest investment firms like blackrock get involved in a scam? Don’t confuse made actors with bad technology. The blockchain technology is solid and the application of it in finance will happen. Is there a lot to know now to get involved correctly, but doesn’t make it a bad thing.

[@elysiumboats]

Yup. All of these takes are uninformed. It’s pretty astonishing how much exposure these bad takes get. Just really means we’re early. They’re not seeing the whole picture, have little understanding of the value propositions of blockchains/crypto. Keep buying I guess - they’ll get it one day 🤷🏻‍♂️.

[@lug.5329]

@@elysiumboats It's been 15 years and still doesn't have actual use case (bitcoin, crypto, blockchain unless for immutable ledger)

[@lug.5329]

The biggest banks got involved in CDOs. Big companies are not infallible. How many years has blockchain been here now. What's the use case again in daily life? LOL.

[@elysiumboats]

@@lug.5329 I personally use the blockchain every single day. My real world use cases include self-custody, borrowing/lending against assets, international funds transfer, holding tokenized real world assets and not needing to ever trust a big bank again.

[@kristophergertz9836]

Weird how every complaint he has with crypto can also be said about traditional finance. "SBF is proof crypto is a scam" is like saying the US dollar or the NYSE is a fraud because of Bernie Maddoff or Enron.

[@kristophergertz9836]

@@moonookiee Capitalism has its flaws but it has proven itself to be the best system we've tried so far. Every game has it's bad actors. It's only when Capitalism is mixed with a low Stock to Flow currency (fiat) that it becomes a circus of endless wars, constant currency debasement, and crooked/careless politicians. Buy Bitcoin!

[@lucv5573]

sure, but doesn't get crypto off the hook either.

[@kristophergertz9836]

@@lucv5573 off the hook? Bitcoin is guilty of what exactly?

[@LyteFlex]

Thanks

[@RSRye]

People have to refocus on blockchain & crypto for the technology itself

[@BradKwfc]

Crypto=a digital code. Blockchain=A network which verifies transactions. I used to be a Crypto fanboy, then I woke up.

[@RSRye]

@@BradKwfc exactly, so many businesses could benefit from the use of decentralized technology for greater efficiency and lower barriers, instead people throw themselves into scams because they don’t understand the true value potential of the technology, they just look at it from a currency/economic point of view; it’s primary purpose isn’t to be a currency, it’s to be a technology

[@bahmak2003]

@@BradKwfc nope you never wake up! You still asleep in fiat matrix!😂😂😂

[@endoetz]

bitcoin is very centralized. a single custodian now controls the coinbase addresses of at least 9 pools, representing 47% of total hashrate.

[@skillzie2]

This guy has the most basic takes. He poses as if he single handedly uncovered the crypto fraud, when in fact he has completely missed the whole point of the industry. A complete pseudo-intellectual.

[@cawheeler27]

Please tell us the point of the industry

[@DocOrtmeyer]

98 percent of coins are based in nothing.

[@bahmak2003]

@@cawheeler27lol it’s obvious you know nothing about Sybil attack, Byzantine Fault Tolerant, consensus on a distributed network, and last but not the least the DOUBLE SPEND PROBLEM! Bitcoin solves that 😂😂😂😂

[@gmckean7]

"Well known actor... you may remember him from OC." Classic The Bitcoin white paper never mentions the term currency. Although it can function as a greatq peer to peer currency, it is primarily the best store of value. I hope Ben's new role as an actor for the big banks is going well. Seems like most young people in our current mainstream economy are doing well

[@CJBroonie]

No, it was intended as a decentralized currency that evolved into a store of value because it could not be used as a currency at a large scale.

[@jeviosoorishas181]

​@@CJBroonie Thank you, anyone who got exposed to Bitcoin early KNOWS it was meant to be a currency.

[@pedroluisecruz2620]

It's sad and yet funny how many people in the comments are very clearly falling for the same narrative that he ao well explained in the video... He's not late, crypto never was a thing.

[@DoctorK80]

You could have said that when Bitcoin fell from $20,000 to $3,200 or $69,000 to $15,000 but it’s back up to $29,000 now. Crypto isn’t going away.

[@David_Lloyd-Jones]

@@DoctorK80 Go take a look at all the software, books, and videos about poker, Doc. It drops off sharply in 2008 and there's nothing there after 2015.

[@Dustin101]

​@TheDavidlloydjones its not poker

[@darkglass5463]

Best performing assest of the decade......

[@bahmak2003]

@@moonookiee FOMO are for greedy like Ben Mackenzie! 😂😂😂 He’s a victim of his own greed! 😂😂😂

[@KitInteriorObjects]

Tendentious comparisons to poker, Ponzis; a fixation on SBF; lots of amateur psychoanalysis but no evidence he understands money or Bitcoin.

[@no-_-limits]

So if you buy bitcoin and it goes up in value and you try to sell your t later and you can’t then this is a problem - meaning no value. Who keeps the cash $$$? Where does the cash go (cash meaning $$$ dollars). The more you get people to buy bitcoin, they give you cash and you give them bitcoin or equivalent of (certificates of deposits that had zero value (Allen Stanford or Bernie Madoff)) makes it sound exactly the same zero value. Someone keeps the cash and issue you bitcoin (no value) hence why you can’t exchange it for cash - it has the exact same form of a Ponzi scheme. It sounds like bitcoin is a scam!

[@upup209]

It costs $34k in energy to produce 1 BTC. Miners sell their bitcoin to pay for energy

[@upup209]

Bitcoin was never intended that be a currency. It is money. The hardest money ever

[@davesteel81]

@@upup209 in teh white paper is written that is intended to be currency

[@alexyung5371]

All I heard was a lot of opinions and very little proofs. And a bunch of old stories everyone always knows.

[@cawheeler27]

People are literally going to jail.

[@bahmak2003]

@@cawheeler27but still doesn’t mean bitcoin a scam! 😂😂😂

[@alexyung5371]

“I was too late to invest, so decided all of crypto was a ponzi and call myself brave”

[@lug.5329]

Imagine all those who invested based on Matt Damon. They're al rich now. LOL

[@lug.5329]

Fortune favors the brave via Matt Damon. LOL. I am having fun staying poor

[@DoctorK80]

@@lug.5329yes, fortune favors the brave. Only the brave buy during the bear market and hold to sell at the top of the next bullrun.

[@bahmak2003]

He FOMO and lost money! He’s greedy then panicked sell at a loss! Not brave at all 😂😂😂😂

[@CJBroonie]

He wasn’t late. He didn’t invest by choice. Did you watch the podcast?

[@bibbidi_bobbidi_bacons]

Neat but essentially could’ve been 15 minutes

[@Nedumgottil]

Great episode

[@elysiumboats]

Not really. Guy is living inside of a delusion of misinterpretation and false conclusions. He didn’t say a single thing that was even remotely specific that speaks towards bitcoins value propositions let alone the rest of crypto. Are there real market structure problems like wash trading? Absolutely. Does that marginalize the core of what Bitcoin is? Absolutely not, it highlights the nascent ecosystem around it.

[@kristophergertz9836]

This didn't age well. Just for the record, Bitcoin is up 200% since this episode.

[@bibbidi_bobbidi_bacons]

I trust cryptocurrency as much as I just biotech stocks

[@kristophergertz9836]

@@bibbidi_bobbidi_bacons well you have two options. Trust the government and their reckless spending.. or put faith into the first decntralized, rules-based store of value the human race has ever seen. Bitcoin is truly your only way (outside of precious metals) to opt-out of complete trust in government fiscal policy. The choice is up to you.

[@bibbidi_bobbidi_bacons]

Neat

[@federicot.9432]

I see...he knows economics so well, thats why he got a success as an economist. Oh wait...he made his money as an actor....should say it all...?! 🙄

[@todopoderoso5490]

This guy is smart enough to short the market since he took economics so he's aware of the profits and returns he's scaring people out of their positions and that's a scam

[@StephenKeane-oq3ku]

Cryptocurrency is a scam

[@lucv5573]

smart man who thoughtfully considers crypto.

[@dablaqueguy]

He lost a ton of money because he he was “trying to get rich quick “, and has very little idea what he’s talking about. He’s in “the art of telling stories/lies”. Perfect for selling a book

[@dorianhoo1342]

he made ton of money off crypto. perhaps its you who lost

[@bahmak2003]

@@dorianhoo1342lol he definitely said he FOMO! Meaning bought bitcoin at top then panicked sell at loss! 😂😂😂

[@Chaka2479]

Bitcoin is digital gold!

[@ProperChaos]

100% !!! My content is making fun of crypto

[@AndreaPatino-rh6gq]

Crypto is not crypto exchanges. From the economics perspective of exchanged he is spot on. However crypto and blockading underliying technology should not be mixture up .

[@Cherry-kt8zo]

What a bunch of big yaps in the comments. Any billionaires?

[@CJBroonie]

Nope. Probably a bunch of 15 year olds or 20 somethings who couldn’t give up frat life.

[@timgorski]

Just the way he says "SatOshi NakamOto" in such a condescending manner makes me tune everything he says after right out. He has zero respect for a revolutionary industry allowing people to take back control of their finances.

[@DocOrtmeyer]

Ponzi lol

[@bahmak2003]

@@DocOrtmeyeryou lol 😂😂😂😂

[@bibbidi_bobbidi_bacons]

🤣 it’s still a scam. Just as much as the US markets

[@xokyle]

late

[@Dustin101]

This rich actor wanted to get rich in crypto bought it at the top and now is mad 😂

[@cawheeler27]

He never bought crypto. And your description is a perfect example of why. It’s just gambling and even you recognize that.

[@Dustin101]

@cawheeler27 he certanly sounds like he did and buying in different financial cycles doesn't make it gambling it...it makes it a poorly timed investment

[@bahmak2003]

@@cawheeler27you must id10t!😂😂😂 He FOMO that’s what he said! Meaning he bought at the top and sold at a loss! He thinks bitcoin is easy money! 😂😂😂😂