CRYPTO IS OVER

Original Video by Coffezilla • FTX Collapsed…Here’s Why
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[@schwarzaj]

News that FTX filed for chapter 11 bankruptcy came out a little over an hour before this video.

[@OhABlackout]

Yea and Sam bankman basically lost all his wealth in 9 hours

[@gamingmoyai3950]

@@sirdinkus6537 I have one bitcoin, just one, idek if I should sell it, or keep it as a memento to how fucking funny shit is right now

[@topspot4834]

Shocking ... Reminds be of Amber Heard's "pledge."

[@pre55ure]

@@gamingmoyai3950 keep it just for shits and giggles. youll never know what will happen.

[@TexasCoffeeBeans]

@@gamingmoyai3950 sell it

[@korhanaydemir8366]

it's funny that FTX's CEO's name is literally Bankman

[@busdriver0000]

Scam Bankrun-Fraud

[@savagex378]

I wonder if he's friends with Bernie Madoff :P

[@닐리아담]

he's jewish.

[@reckless20]

Rob Bank's relative

[@declineofthewest.]

Oy vey

[@123batina]

I know a story about stuff like this: - a guy calls his broker and asks to buy stocks of a "Wonderful company" - a broker replies - yes sir, they are at 10$ each - ok give me 1000 - next day he calls again to see how much is "Wonderful company" selling - proker tells him - 20$ each - wow great, give me 1000 more... - after a few days he calls in and asks - so how is "Wonderful company" doing? - he says - its for sale at 50$ now... - the guys says - great - then sell all my stocks - broker then asks him - but to who? - you were the only person buying it.

[@bobsteven2363]

If your main goal with a currency is to trade it for the USA dollar only and not actually spend it like normal, then it’s a useless currency

[@royalecrafts6252]

Well said, a currency for anothet useless currency

[@badshootykat5574]

same goes for for E-pay

[@Otakumanu]

Honestly you can just replace "USA dollar" with "fiat currency" and it would still work.

[@CHICKENNUGGET69360]

They treat it like gold, except it's not gold. Well atleast gold and silver is physical, they will never lose value as they are raw materials too for many things.

[@TheDannMannn]

Dude this is how every other foreign currency works after WW2. Do your homework

[@Sheriff_Bruce_Lee]

Larry David is the PERFECT poster child for Cryptocurrency. The man has made his entire career off of stories of people trying to be a little smarter than the curve and have it go horribly wrong.

[@davefetch6064]

100%

[@mattdunlap837]

"It's easy to get stupid people to give you there money, all you have to do is convince them they're smart for doing it." So funny and so true, nice video baldy.

[@tidesrollin5343]

Its funny when people actually think the FIAT dollar is any different!!!

[@OneKaleidoscope3812]

This applies to anyone who participates in crypto. you’re basically outing yourself for being the lowest common denominator of man

[@mikeredex]

Runescape gold is the only virtual currency I'll be holding thank you very much

[@montyalb8788]

Hey, Venezuelans make a living on that

[@Rapannell36]

Unironically runescape gold is probably a more stable investment than most of these shitcoins

[@MrBmantheman]

@@goodlookinouthomie1757 A really smart person with that mindset would invest in penny stocks. At least then you have an entire company that has a compelling business plan with assets backing you.

[@acludo1278]

The inflantion on rs gold is pretty big also. Like BIG

[@genb4374]

@@goodlookinouthomie1757 RuneScape Gold is used for buying stuff unlike Crypto lol

[@MrVvulf]

Warren Buffet: "If you and I buy various cryptocurrencies, they're not going to multiply. There are not going to be a bunch of rabbits sitting there in front of us. They're just gonna sit there. And I gotta hope next time you get more excited after I've bought if from you and then I'll get more excited and buy it from you. We could sit in the house by ourselves and we could keep running up the price between us. But at the end of the time there's one Bitcoin sitting there and now we've gotta find somebody else. They come to an end." - May 2018

[@MrVvulf]

@@MissPopuri Pump and Dump is the most apropos description of how some people made (and in some cases continue to make) money in cryptocurrencies. But at the end of the day, Buffett is correct. The currencies create no real value. They're just a means of transferring money from one place to another. They're like checks that can't be forged...but how much would you pay for the check itself?

[@scorch4299]

he shouda said, but low, and sell high, even tho its not intuitive, its much more profitable.

[@robsonspor]

bitcoin price in may 2018 7000$

[@jeffbatista]

I remember when musk was playing with some crypto prices just by making enigmatics tweets it was funny xD

[@theespartanff3188]

Bro I was soooo happy when that shit happened. I got some doge as joke and made out like a bandit totally unexpected. I though I wasted a hundred bucks but nah I made a little over a grand. See doing things for the meme does pay off sometimes lmao.

[@Stevexupen]

@@Tirfing88 it's a ponzi.. that $450 you've earned is from those poor guys that comes in late in the game.

[@scumbaggo]

@@theespartanff3188 I have a doge wallet out there with literally billions of dogecoin.. started when doge came out, abandoned the wallet like a year later.. goddamn i wish i could find that key.

[@matthewyoho5422]

@@goodlookinouthomie1757 No no - you copy Nancy Pelosi's *husband's* trades; he's just fantastically good at guessing which stocks are going to suddenly climb for regulatory reasons he certainly didn't hear about from his wife, don'tcha know.

[@theespartanff3188]

@@scumbaggo that's rough man. I don't believe in God but I'll pray for you

[@iking912]

This is a lesson for those who keep their coins in exchanges.

[@mekoeneko]

No, it's a lesson for anyone who holds crypto make-belief money.

[@kimapr3817]

@@mekoeneko i hold crypto and i didn't learn anything

[@mekoeneko]

@@kimapr3817 Of course you didn't.

[@kimapr3817]

​@@mekoeneko there isn't anything new to learn here, i already know crypto is unstable and that i shouldn't trust others to hold money for me (and i never did ever). the fact that an exchange i haven't even heard of until recently (and that didn't even list my crypto) died and that ended up devaluing my money is wacky, however (but not too surprising)

[@genb4374]

@@kimapr3817 You're my Shorts' exit liquidity

[@lalo-kt4te]

Where's that bot who says I should invest and then there's like 20 comments praising him

[@jackied962]

This is like the 10th time crypto has died.

[@robsonspor]

*corrects glasses* it s acctually 385 times that bitcoin has been called dead since inception

[@bigmeandaddy]

This isn't a crypto problem, it's an exchange problem. This would be like a bank going out of business and people saying the US dollar is dead.

[@PunditKING]

Ponzi schemes live on..... They will never due due to new dumb ppl being born with the promise of free money for nothing but giving money.

[@PunditKING]

@@0xmoo Infusions of new money will always keep a nothing alive.

[@brandoncampanaro7571]

Crypto isn't a problem, its greedy and corrupt people is the problem, there definitely needs to be laws against such things happening but to those who think that the banks need to control crypto, you are brainwashed by those banks to think they are anything but facades to be able to lose your money in their leverages, exactly what has happened to FTX because centralized places where money is, will always spawn fuckers who are corrupt, its centralizing it that is a problem

[@Norzel7]

People really need to be taught that when something has "next sucker buying it from you" as the sole method of generating value, it needs to be approached with a mindset than in 10 cases out of 10 it was either deliberately designed and/or is being thoroughly exploited to ensure that you are the last sucker in the line.

[@tja4379]

usually people know that but some of them engage anyway. the question is how well their ratio can hold back their emotio

[@LfunkeyA]

no, that is not true. otherwise everyone one wallstreet would be broke. yes, a lot of people lose, and a lot of people win too. it is a combination of capital, risk-management, luck and research. yes, those who invested earlier might make bigger gains, but that doesn't make it a scheme.

[@drscott7359]

If a tweet can destroy a currency hmmm maybe bad idea!

[@liampriestman4090]

The black market is the only thing that gives cryptocurrency any real value, and even then it's only Bitcoin that is really worth anything.

[@imgerror]

Yep!

[@jacqli69]

Isn't it funny that a crypto is valueable only when it can be exchanged for $$$?

[@matthewyoho5422]

Almost like it's actually worth... nothing, and the price... is just an irrational, shared delusion... and that you don't lose your money when the imaginary number on a chart goes up or down, you just lost *all* of your money the moment you exchanged the spendable sort for the make believe internet libertarian sort, because what you purchased... isn't money. But that would just be silly.

[@IWantToStayAtYourHouse]

Exactly. I can't believe so many prople can't see that. The only value in crypto is that you can potentially make a lot of money from it. You know what else potentially makes you a lot of money? Gambling. All these crypto bros are gambling addicts refusing to admit they have an addiction

[@matthewyoho5422]

@@IWantToStayAtYourHouse 100% - there have been a myriad of posts from admitted gambling addicts, and I'm talking about the sort who have gone through the steps to block themselves from even being allowed to gamble in casinos here (as in, if they try to anyways, the casino will just throw them out), who got heavily into crypto... and then had to stop and confront the fact that they were doing that because it was gambling. The crucial difference though that makes it 1,000% worse is that unlike the legal, regulated sort of casinos... the crypto casinos that present themselves like stock exchanges/banks aren't about to not take your money, under anything less than the threat of governments throwing the book at them for violating sanctions; they barely care to check that you're even a person, they don't play fair, and 97% of the "games" are just criminal fraud in the first place. It's gambling, but you're out in a boat in the middle of the ocean surrounded by sharks on a casino run by armed mafia goons, who can/will just decide to throw you overboard "because they feel like it".

[@Balubelu]

The box is empty guys, time to put more money in it.

[@Ashadow700]

But, but, but... but crypto-man said boxtoken good.... crypto-man said boxtoken go moon.... 😥 Or some stupid sh*t like that

[@NoMoreLles]

@@Ashadow700 last bear market everything was down 95%-99%, and guess what, bull market rallied most of them 1000%-5000%, this is just how the crypto cycles happen and I told my friends over a year ago to expect a 10k bottom on btc, they called me crazy when it was 50k at the time, when everyone is scared thats when its the best time to buy and wait

[@Vamirez]

@@NoMoreLles Exactly - this period of capitulation is the time to buy in (and no fishy small-cap hypecoins - stick to the top ten or so). Not when it skyrockets again. Same principle as in classic assets btw. Unfortunately a lot of ppl just don't understand that.

[@NoMoreLles]

@@Vamirez its the risk to reward people forget, just one example, my XRP BUY level has Been .15-.33 for over a year, now it's entered this area, sell area is 2.10, 11.2 and sell all at 21.5, most importantly is stopping the trade if it goes outside this buy range, so many people buy into the "hold until death" mentality but that's just generating liquidity for us to sell our positions to lmao

[@Kiddy7180]

These crypto bros are just trying to make an irl 3rd corporate war 💀

[@yarpenzigrin1893]

Crypto isn't over just because an exchange went bankrupt. Crypto isn't over because some coins died. Never risk what you're not prepared to lose but don't take advice from Asmongold. He's no clue about this and when people like him panic, that's exactly when you need to start buying. In 3 years Bitcoin will be worth $200k. Those who don't take risks never win.

[@matthewyoho5422]

Those who play stupid games win stupid prizes; if you put your money into magic beans that you can't actually do anything with except trick an even more gullible person into buying from you for their real dollarydoos, then you're a bozo who deserves everything coming to tyou. Put your life savings into that shit, take out second, third mortgages, buy that dip and hodl on forever with your diamond hands. I'm sure you'll definitely, definitely make it to the the airless void that humans can't survive on, and not get absolutely rekt, if you do. Play stupid games, participate in stupid, obvious scams, and you win stupid prizes.

[@yarpenzigrin1893]

@@matthewyoho5422 I'm not making you do anything. You can be as ignorant about the monetary system as you want but you'll die poor if you'll choose ignorance. Dollars are less real than Bitcoin. Powell can just print billions out of thin air and yet you still think they're not just monopoly money?

[@matthewyoho5422]

@@yarpenzigrin1893 You think the magic internet beans that can be generated with the click of a button, that you also can't spend anywhere on actual goods or services or pay your taxes with... *aren't* monopoly money? Stay utterly and profoundly delusional, crypto-bro; it would be darkly hilarious when you have the gall to accuse other people of being ignorant, but it's really just pathetic and sad, whilst also being actively contemptible: you lot are like someone drowning in a pit of quicksand, shouting out "boy it sure is great in here, up to my neck in quicksand" and then actively trying to pull everyone you meet into the pit of quicksand with you, instead of letting them help drag you out of it. You actively deserve what's coming to you, and I hope you get it as quickly as possible, so that your destructive, stupid scam STOPS, and only the last, reluctant desperate idiots cling on to the belief that a get rich quick scheme is going to be the basis of the future economy. Enjoy the mute list.

[@yarpenzigrin1893]

@@matthewyoho5422 The magic internet beans aren't generated with the click of a button. Those that are you shouldn't touch in the first place. Can you spend stocks on actual goods and services or pay taxes with them? That's a ridiculous accusation. Start reading about crypto, you clearly know nothing about it.

[@HumanShieldrpg]

The US Dollar is backed by something that has universal demand, more demand than gold. "We won't put you in jail". It makes tax liabilities go away instead of you going to jail. That is why it has value.

[@joedoran6994]

Bet they’ll still be all these bots on my socials saying I can make 6 grand a day online

[@hamuArt]

Just for the sake of fairness, let's note that today's money is backed by faith, since there is no gold backing behind it, just as the stock market is backed by it. One of the conditions for the value of the dollar is that oil is accounted for in it on the international markets, but more and more major players are wishing to break with this...

[@_versa]

A good real-life example of "not your keys, not your tokens" Don't hold crypto on exchanges.

[@Psytinker]

"Don't hold crypto"

[@Raddon]

@@syko2164 I do velieve in crypto as a concept but when and if it finally wprks out there can only be one. One decentralized, limited currency a good share of the world has accepted as a payment method. As of right now my suggestion is dont invest more than you can afford to lose, not even on BTC.

[@ChrisBcards]

​@@syko2164 so where do you buy your eth and get your wallet from if you don't use exchange

[@sharkpyro93]

@@ChrisBcards buy on exchange and keep it on a cold wallet

[@bigmeandaddy]

@@Psytinker Why not? Offline wallets are really fucking easy to use and no one and nothing can take your assets from you. These people stored their money on the exchange itself.

[@destroyerinazuma96]

Something worth noting on "government mandate backing fiat" and stuff - in France during 2008-9 the gvt guaranteesd anyone's money up to a certain amount was safe. Meaning most of the population, who had around that amount, did just rush to the bank to withdraw everything. That's how strong a government's word is. That doesn't mean no Frenchman lost big in the 2008-09 crisis. That simply means the gvt could do something for accounts in euros, but they obviously wouldn't do jack for accounts in crypto.

[@GhullieUser]

There are so many examples of governments totally fucking over their citizens financially, cant blame people for looking for a global decentralized trustless system like crypto. Of course if you live in a superpower country you may think that nothing is going to destabilize your currency, but it's already happening, the USD is struggling to keep its position as a global reserve currency thanks to eastern countries opting out and creating their own agreements.

[@destroyerinazuma96]

@@GhullieUser I don't blame them either. The real beef I have is with crypto scammers. It's really hard to guess how well-intentioned FTX was in the first place. I also agree on the dollar not being as rock solid as it used, though I have no idea how to stabilize it since I'm no expert.

[@Blueavatard]

Crypto was for scammers from the start

[@GemGames3]

20:27, 23:02, 23:53 Asmon is wise but he's also brutal, why I love listening to his rants.

[@joe579003]

24:49 "That was brutal? YEAH, IT'S ALSO FUCKING TRUE ISN'T IT?"

[@shlepad]

A frightened Bitcoin hodler calls a fellow investor and asks if he’s worried at all about the volatility of Bitcoin these days. The friend replies that of course, he’s worried! In fact, he says that he’s sleeping like a baby. The frightened Bitcoin investor is amazed. "Really? Even with all the fluctuations?" "Yup! I sleep for a couple of hours, and then I wake up and I cry for a while."

[@dantethedemon9277]

You don't understand the value of decentralized money

[@shlepad]

@@dantethedemon9277 I do, however, understand the value of not losing my money gambling.

[@matthewyoho5422]

@@dantethedemon9277 It's no more actually decentralized in practice than it is actually money, it's just a wealth redistribution scheme that shuffles already existing money around in a massively negative sum game, while producing nothing of value, and using 0.5% of all electricity to accomplish that effervescent nothing burger.

[@okinaunchi5183]

The cryptobros in the comments are huffing some premium ugandan copium

[@mavez6322]

If I had a dollar for every time someone told me crypto was over or dead I'd be a billionaire.

[@tututoo6973]

"But this time its done" also billion times

[@foolicooli]

How have you had over a billion conversations

[@Brok_Enwings]

Just wait. In a few years when we see all time highs again the people saying it was dead will be crying because they didn't invest anything

[@pikapowns]

Are you all bots?

[@dayko.]

@@pikapowns Do you have to be a bot to notice this pattern? In bear markets people say "crypto is dead" and in bull runs they say "I missed the boat" just to then say "it is dead" again when the next bear market comes around. We will see in a few years who made the right choice. I am buying at these prices.

[@BaldurOverlord]

SBF went from billionaire to homeless in a few days, oof

[@darkryptd]

cmon bro, he still have 1B, even after all the lawsuits he might get away with atleast 20M, he's chillin'....not so much the investoooors

[@robsonspor]

@@darkryptd chillin on the bahamas having orgies with the rest of the ftx staff living the good life

[@ryanschweinsburg296]

that's some wallstreetbets type loss porn

[@KoffinBoyx]

I lost 3k because my friend kept begging me "bro you'll make alot of money" that was in January and not once did I gain profit lol or made me. It's bullshit and not guaranteed

[@IndustrialBonecraft]

If you invest in a volatile asset because your random friend told you to, then that's on you - you're the idiot.

[@taz_trader]

You lost your money cause you bought the wrong item at the wrong time and did no research for yourself, have no financial literacy and blame your friend.

[@KoffinBoyx]

@@taz_trader No I did all of those. It's just shit went downhill when it was supposed to be a win. I got into highest Apr pools and stuff like that. He's lost most of his money too so I'm like..that's why I only put 3k in becaaue it was my first time getting into it. Still alot to lose tho

[@taz_trader]

@@KoffinBoyx I don't know what pools you were even in what protocol what kind of apr. Most the defi aprs were complete rugs and in and out plays, not something to last. You prob would have been better buying a lower cap uptrending the entire way like SOL or something when it was getting lots of buzz. Regardless, not your friends fault man. I feel you, i got burned in 2016-2018 losing lots near end of 2018 run but just came back better.

[@KoffinBoyx]

@@taz_trader mistakes happen :) it's alright. Yeah I can't really blame him you're right. Thank you. I'm glad to hear you made that come back. I wish you best luck sir

[@larrymitchell6470]

Just wait until CBDCs come AND Social Credit scores, sounds like a joke…but it IS coming. It’s actively being worked on now. Bitcoin being decentralized is the god send once your money is controlled. ONLY Bitcoin is decentralized, Asmon doesn’t understand it at its core is all, and he doesn’t need to right now.

[@Enterperse]

The technology behind all of this in itself is kind of cool. It's just a shame that the first thing it was used for was whatever this mess of scams and schemes is.

[@User-kq3od]

Exactly, I said this about NFTs. The technology is interesting and could be applied in cool ways if we find better ways to handle it, the environmental problems and the artificial scarcity make the current implementations worthless 😂 Literally had to protect my friends from people promising them easy profits with Crypto and NFTs when it was literally just a pyramid scheme. "Invite X many people for whitelist" type stuff 🤦

[@MatthewBaran]

Yep, crypto could have had very solid viability with low transaction costs but people got greedy. Pump and dump

[@lastaplays2310]

@@User-kq3od could be applied in cool ways if we find better ways to handle it - gamestop is making nft games with IMX.

[@MatthewBaran]

@@bradenarnold which hospitals in Europe? I need to know more!

[@facex7x]

Games and art isn't the only use for NFTs. Fractional Realestate NFTs is pretty cool. But trying to explain that to people is difficult when the most popular representation of NFTs is an ugly ass monkey. Nothing against Asmo but I see him as what the general public perceives crypto as. Backed by nothing and environmental an issue etc etc. But trying to explain that crypto can bring a trustless friction free transaction of value is quite difficult. It is one of those things you just have to experience for yourself to understand.

[@woochoi3373]

I never understood crypto. Didnt make sense how something that didnt really exist held so much value. I spent 300 dollars on crypto for fun to see what would happen and had my fun. I think people should approach crypto very carefully and go in with a mindset that they can lose all their money in a blink of an eye with no insurance

[@scorch4299]

Its a way of moving money from stoopid ppl to ppl who know what theyre doing ;)

[@Pebble_Collector]

It's only real uses are for underground purchases and transfers that Visa and Mastercard won't touch. I used BTC years back before it really took off for poker app deposits and withdrawals but you better believe there's far more nefarious things being traded with it.

[@brandoncampanaro7571]

Volatile environments are how fortunes are made, but its also how dumb people lose money

[@brandoncampanaro7571]

@@Pebble_Collector but thats what being brainwashed by the banks and rich feels and looks like, you trying to demonized crypto without even acknowledging the real on goings

[@Ericcssonn]

"Crypto isn't backed by anything, that's what makes it strong and the future!" That's what makes it worthless...

[@scorch4299]

Crypto is a ponzi scheme, sure. But then so is every form of money at its inception. It either gets fully adopted and becomes money, or everyone loses. US dollar may be backed by an army, but when the Fed can print money whenever they want, and handout trillions in stimulus checks, you really dont have any control over your dollar.

[@Preacher_.]

7:26 This is probably the greatest "explain it in a way a chud could understand" explanation of where Fiat Currencies draw their value from. 10/10

[@umoramayori]

That has zero to do with stability, but everything to do with coerced use.

[@sidenote1459]

Agree. People really be overusing that "all currency is fiat" line waaaaay to much. Perfect dismantling.

[@kirinkappa5662]

This is actualy completely wrong explanation of where Fiat Currencies draw their value from. Money is not backed by guns and military power.

[@kuhljager2429]

@@kirinkappa5662 IIRC, it's backed by (Basically) the GDP of the country, leveraged against how much of the currency exists in circulation.

[@justinmccray5014]

He doesn't understand what he's talking about. You guys are asmon simps.

[@andyespinozam]

The tanks and AKs backing government money is a really good point. I’ve been thinking the same about comparing crypto and standard currency, since neither one is backed up by anything at this point, but Asmongold is right there with his remarks.

[@vancedthobehill8048]

I was up 5k from a $600 investment. Shit fell I was like ill hold strong it will bounce back. I ended up selling and having $400

[@ceel4223]

Lol

[@martinda7446]

Ouch.

[@_SignOfTheRaven]

So you lost $200? Could of been worse yo, could of been worse...

[@MarkDrisch]

why sell at a loss? Unless you really needed that money in a pinch, in which case you shouldn't have invested it in the first place...

[@frogg626]

0:45 *shocked that people invest so much money(value) in something that is backed by nothing* USD

[@TheGoodColonel]

Funnily enough, WOW gold and WoW Tokens have more real value backing them than crypto coins.

[@spol]

the cryptos arent the problem here. It's centralized exchanges. And if you don't understand why then stay out of crypto.

[@TheGoodColonel]

@@spol If you don't understand that all markets tend to centralize over time, I'm sorry, but you are naïve beyond help and you shouldn't handle your money by yourself.

[@couchdetectives]

I agree with most of Asmon's takes, but to imply that fiat currency is any more or less tangible than digital currency is a bit of a stretch... Describing it as monopoly money while insinuating that the dollar is backed by something is comedic at best... Now, is it easier to fuck around and find out in the old crypto world? Yeah, it most definitely is, and many people have lost everything, and many more will... Such is life, it isn't hard to part a fool from his/her money, digital or not...

[@Perl_Style]

No cap love the variety content. I almost think that we need a intro for asmongold news talk

[@mackinner]

NO CAP NO CAP FR FR

[@jamesmcpherson7188]

back up and defended by nothing what do you think the dollar is LMFAO

[@carlknibbs2849]

I usually hate reaction videos but I have to admit I watched coffees original.. And I still enjoyed this and though something was added

[@matthewyoho5422]

It's that added dash of cynicism, and calling into question the validity of all of the numbers presented as if they actually have the dollar values listed for them: Coffee does good journalism, but he gives crypto way more credit than it truly warrants, by discussing the figures they produce as if those actually represent money.

[@Rey-uw5xl]

the entity that failed is a centralized exchange, this has nothing to do with decentralization, if anything, true decentralization eliminates these centralized entities from being needed in the first place.

[@leprodeGT4]

looking pretty stupid now asmon with bitcoin etfs huh

[@ShapeshifterOS]

The closer you get to centralization the more demand you see for decentralization too. It's just the natural course of things. Convincing fools to part with their money is intrinsic to a truly free capitalist system. Those that poorly manage money should lose that money. That way wealth moves to where it'll be best utilized.

[@secretrarecollctbles1892]

"at any point you attach value to anything digital you have left the realm of reality" is the smartest investment advice iv heard in a long time

[@PowerofRock24]

Are you saying digital assets don't have value... on your smartphone... on Google... on KZbin?? Digital assets have some of the most value. Look at the S&P 500, Google, or the entire video game market. Hell, even just Fifa lootboxes. I bet Fifa lootboxes rakes in more money annually than physical lunchboxes, even though one is digital and the other is not. Value isn't in the physical but in scarcity and utility.

[@Keil2590]

Government currencies are backed by labor/resources/production. Crypto is an asset backed by nothing. That's the difference.

[@tjsoko15]

Asmon, love your stream... You might not understand cryptocurrency but Fidelity does, Robinhood does, Morgan Stanley, Greyscale and JP Morgan do. It is not backed by nothing. Bitcoin has a finite supply and no central authority or controller. Just take a look at our own county printing money like it is endless and can freeze your accounts because you made a distasteful tweet. THAT is value. The fact you can store it somewhere and access it from anywhere in the world with little to know fees is valuable. You can't do that with cash or a debit card. When you buy Bitcoin, you know exactly what the product is and that will never change. The only thing that changes is the PRICE. Not everything goes straight up and to the right - take a look at the S&P or housing... SP is right back where we were 2 years ago, as is Bitcoin.

[@matthewyoho5422]

Yes, you know exactly what the product is, when you do that: intrinsically worthless arbitrary digital nothing, invented by libertarians, that libertarians pretend is actually worth the entirely imaginary number on the charts that a series of unregulated casinos that they pretend are financial institutions say it's worth, even though it's provably not, because nobody would ever buy the supply of it for that price, and there doesn't exist enough "real money" - that the internet libertarians pretend to despise but actually crave desperately - for them to cash their magic libertarian internet money they pretend is going to be the future - because they're libertarians, and thus stupid - back into the sort they can spend on real things in the here and now. Non-money that you can't spend and have to trick even more gullible idiots than yourself into purchasing from you to obtain any benefit from, that no reasonable intelligent individual who is not a cultist who fell for hogwash would ever have any reason to believe will be useful in the future, and thus commands an entirely irrational (and blatantly manipulated behind the scenes by an institution that even the crypto zealots largely acknowledge is definitely, definitely a scam, that effectively functions within the space like the sort of central bank that the internet libertarians say they so bitterly despise) price, when it should be worth nothing, in other words. You're in a very stupid cult, seek help.

[@tjsoko15]

@@matthewyoho5422 Hey Matt, I'm just seeing your comment now but I don't think 'reasonable intellectual individuals' type 100+ word, belligerent run-on sentences in KZbin comments. Nor was I attacking you or anybody in my comment. I also think the guys at Fidelity, JPMorgan etc. know a little bit more than you do. Best of luck.

[@F1rstNameLastName]

I love how half the comment section are random people who clicked on this video because they read the title and are malding about it

[@wontontiger3838]

Markets are about confidence, not a computer generating a number. I wish he had a bit more nuance in his take on this. If we end up with CBDC, we will inevitably be far worse off than having an alternative decentralized currency. Confidence is key.

[@erykszymanski9167]

It's hard to be confident in something in which other people's confidence can so easily be swayed.

[@larrymitchell6470]

This is an understated truth. Asmon has his money, he don’t care.

[@bjni]

well yeah, he has never looked into this and has made his mind up from the stard and will not listen to any one or change his opinion. and like others have already said, he already has a ton of USD and doesnt have to worry about money for the rest of his life so he doesnt have to care about crypto or anything else ever anyways. crypto adoption starts in the third world where the non banked can get banked and actually need the tech, rich elites in western countries dont have to care about it at all for a very long time at least.

[@BlitzTCG]

This is the opposite of decentralization - this is a centralized exchange failing, like a bank failing. If it was decentralized, this wouldn't have happened.

[@legendsneverdie1873]

I bought more shiba inu

[@piotrjeske4599]

Oh rly. A pyramid sceem blew up?

[@xathlak]

The reason that people love crypto is because it's not regulated. The problem with it not being regulated means that all the things that are illegal to do are completely fair in crypto. People are literally investing in a market where the main draw is that people can screw other people over with various schemes that have already been tried in the past.

[@abe1]

The value of crypto is having a trustless system. For btc, its a trustless "store of value" (to some people). For ethereum, its a trustless and decentralized computing system (being able to run Turing complete code without relying on a singular service/infrastructure). The problem being described in this video is essentially the fact that users are taking a trustless system and putting it in the hands of a "central truth" aka exchanges. This video is describing the collapse of the exchange (rightfully so), not crypto itself.

[@GhullieUser]

@@abe1 finally someone who isn't an NPC in this comment section lol

[@chatter4427]

Yep

[@taz_trader]

No lmfao that is not why people like crypto. Imagine thinking "oh no regulation so im completely free to do something thats completely illegal in this space". That's not remotely true, to say that just displays you have no clue what you're even talking about. The market has nothing to do with "screwing people over". People are selecting protocols that they believe will process the most data/value within themselves. If I set up a protocol which has solved settlement problems in foreign exchange or can cut costs for central banks by 30%, people may start buying the native asset to the network in the belief that it will eventually process those settlements. The value is in the network. There gets to a point where the retail investment is not even relevant anymore.

[@xathlak]

@@taz_trader Keep telling yourself that while people keep pulling these scams without any sort of legal repercussions. Just don't expect to keep your money. And no, i'm not saying blockchain is trash, i'm saying the currency people are creating and the exchanges people use for them are completely unregulated and open for abuse.

[@caldez6163]

Asmon says there are rules with stocks... thats why the top 10 traders in the stock market are all politicians. The rules seem to work well thank god for those.

[@Tyrgalon]

In the US, in other countries there are actual rules.

[@caldez6163]

@@Tyrgalon You are probably right I can't speak for other countries. What I do know is until it's revealed I thought the same thing.

[@band1tt]

If you think what happened to FTX is something special to crypto it's not, this is going to happen to banks to because they operate basically the same way. Try to get a mass of people exiting their money from a bank, they are gonna stop it because they dont have it, and would go bust. I'm not defending FTX and Alameda(that is literally a shit show in itself), I'm just saying, the mechanics behind it is nothing special to regular banks, banks are going to blow up as well.

[@Kuzzif]

Isn’t fiat just Monopoly money also 🤔

[@taz_trader]

Yes but the AI cannot fathom.

[@jdranetz]

The deal didn't work out. All was lost.

[@worldmadjoshglad4527]

Asmon we love you however you have absolutely no understanding of the underlying blockchain technology. If you actually took the time to understand the tech you would see why people see that it is valuable and why the crypto global marketcap is sitting around $1 Trillion USD. $3 Trillion was the all time high, it will get back to that and beyond over the coming years. Crypto isn't just currency... it's a search engine, a social network, voting, governance, and more.

[@topspot4834]

You're not serious are you? This isn't about crypto"s market cap or it's future ... It's about transparency, regulation and most importantly, liquidity. Nothing wrong with allocating a small percentage of your portfolio into crypto as an alternative investment, I own BTC too ... The problem is these crypto bros thinking they're gonna get rich quick and putting all their money into it.

[@worldmadjoshglad4527]

@@topspot4834 just referring to his blanket statement of how all crypto is worthless. Most of the issues with transparency happen around centralized exchanges who have movements behind closed doors. The blockchain explorer is open for anyone to read and immutable, fully transparent.

[@steventoney3711]

What was sbf lobbying against? Decentralize finance What would have prevented this? Decentralized financial platforms & self custody What exchanges publish real-time proof of reserves? Decentralized ones What will the govt try to shut down? Decentralized finance

[@dischargeconductor7305]

It's insane that the dude lost his 26 BILLION dollar net worth within a day. It's completely insane.

[@Baddy187]

If I lost that (or the equivalent) in a video game I would restart lol. Cant imagine how he feels.

[@magik7675]

And facebook which lost 700 billion isn't?

[@afrules9097]

He never had 26 Billionen in the first place. Thats the number, other people valued this tokens or the company.

[@halfik83]

Issue sint "crypto". Issue is centralized entity where people chose to keep their crypto. Bitcoin was design so everyone and anyone can be responsible for own wealth. People are just to used to current financial system so they expect same from new stuff. But eat most crypt is a scam. Design to make creators rich.

[@undeathmetal1717]

So if there are no barriers to entry in a new market, someone just comes in and takes complete control with total disregard to the competitors that arise?

[@lzl3lol]

Barriers to entry would prevent people from competing in the market, not help people compete. There's a difference between creating barriers to entry for a market and creating a structure where monopolies and bad actors are controlled so that the market can still freely compete.

[@jorgeantoniotorrico7105]

Thats why regulations exist, people sometimes forget about the dangers of unregulated stuff.

[@jeffreybraunjr3962]

Quite a few guys at my work got caught up in the crypto bubble. Saying things like “if this coin goes up to even ¢1 in value I’ll be a millionaire!” As if going from a total valuation of ~2 million to 17 billion is totally logical and likely smh

[@mgrimble3975]

What is dead can never die!

[@sancturillore]

"And with strange aeons even death may die." - H.P. Lovecraft

[@Argumemnon]

Fhtagn.

[@user-xr7fw4ks2n]

Small correction: There is no such thing as non-artificial digital scarcity. As in, digital scarcity exists, but only when and where people wish to create digital scarcity.

[@taymac4706]

Asmon you are genuinely intelligent. You will have equal potential in any area you will ever pursue, I can see it.

[@Jingle12349]

Why would someone invest money into something that doesn't exist? Crypto bros - "LiKe tHe Us DolLAr HaHa" Like bro have you seen the size of the US Navy?????????????

[@roofingslate1978]

Decentralized crypto is the future but I would agree most will go to zero, while I do not agree totally with Asmon, I would say it’s extremely important to do your own research. Thoroughly.

[@sityware7946]

Don't confuse centralized exchanges with Bitcoin. What is happening with global currencies is just as bad. I'd rather my holdings be in bitcoin than Turkish Lira.

[@GhullieUser]

Or Meta stock lol

[@scorch4299]

ive also become a bitcoin maximinilist over the years. I mean, id throw 100 in an alt if its supposed to take off, but Id never put more than that in anything but bitcoin or possibly Etherium. Bitcoin has hit new highs every 4 year cycle, so when or if that ever stops, it could be in trouble. We got another 2 years tho before it supposed to break 75k

[@bobbyzig3879]

Didnt asmon lose like 150k in stocks. This was said on stream. stock or crypto its all a gamble.

[@richboywinston5097]

To be fair, Asmon is rich and he can afford it. A lot of these crypto bros are your everyday average joes.

[@JBSCHAFFNER]

It’s not the currency, it’s that they left it on the FTX exchange…why you always keep your stuff in your own wallet or ledger not on an exchange.

[@larrymitchell6470]

This, why it’s called an exchange..not a crypto bank. Why they say “be your own bank.” Remember how government in Canada locked people out of their own money simply for protesting?? Wait until CBDCs and social credit.

[@Smimii]

Asmongold is crypto boomer

[@wandameadows5736]

While I agree Crypto is a terrible idea Asmon you shouldn't fool you're self thinking all those Government guns, tanks & nukes exist to make sure a citizens bank account remains solvent.

[@limadawg]

i had forgotten about crypto LOL

[@IWantToStayAtYourHouse]

@@goodlookinouthomie1757 worst thing to do is being invested in crypto in the first place

[@ReefGuzzler]

this video is half assed, there is soooooo much more dirty laundry that coffeezilla could have covered making it way more exciting. dont worry people there will be a movie about this all in 10 years

[@waterboi4846]

Doubt it, btc just hit 40k

[@toomanyaccounts]

when tether goes 90% of the "value" of btc will collapse. it will be 40k btc to get two papa johns

[@waterboi4846]

"theoretically" tether can bring btc down. tether is a scam, most exchange are attempting to move away from it. it will always be BTC to FIAT. if BTC ever go down ill just buy it all to create artificial scarcity. im always waiting for that to happen but i know it wont no one controls BTC unlike luna

[@toomanyaccounts]

@@waterboi4846 most of btc is owned by a few. if any try to cash out btc will plumet. also the claim btc is worth dollars is nonsense why do you think those that stole "billions" of btc in several years only got several hundred in actual money from laundering

[@metris5402]

btc just updates its atx

[@gustoeyonica3617]

never put money in you are not planning to lose... just like gambling

[@Argumemnon]

Crypto failing? Wow, what a shock!

[@dayko.]

Never heard that before. I am sure this time it really is dead though. Clueless

[@PriestessOfSlaanesh]

Except it doesnt? Now its the best time to buy. Bullrun 2024 is comming

[@Argumemnon]

@@dayko. I didn't say all crypto was failing. But it's one more crypto exchange or project or coin that collapses.

[@Argumemnon]

@@goodlookinouthomie1757 Only if you take my statement as much broader than it really is. Did you watch the video? It's about one particular exchange.

[@Mike_from_Canmore]

Asmon calling this decentralization is funny. Its an exchange. literally the opposite of decentralization. exchanges are the enemy and FTX exploding is fantastic.

[@lswallie]

"you didn't create anything, you didn't solve a problem, you did nothing" exactly asmon, exactly how you make your $$

[@aka1721]

Giving a reality check to crypto idiots is pretty helpful

[@lswallie]

@@aka1721 hindsight is 20/20 and taking a stance where you act like you are brilliant and smart is cringe, its easy to judge, he farms other people's content, he is a hustler just like any other crypto shill influencer, making bank off of you, drama, and whatever is current

[@aka1721]

@@lswallie except he doesnt exactly steal anything from me except my free time while crypto steals actual money for assets that are worthless. I never bought in to crypto from the start anyway so hindsight is 20/20 doesnt apply to my views on the matter.

[@pmcllc1]

"The american dream is to make money doing nothing "

[@randylester7078]

Anyone that knows a decent amount about crypto, knows that Asmongold is incorrect about fake money and that the entire financial elite world is moving towards digital currency. You just need to understand how to hold it and get your legit token investments off of exchanges. Cold wallets are necessary and if you leave money on exchanges you are at high risk. You hold tokens offline and use exchanges as an off/on ramp ONLY. The price will be way higher before the majority understand this. It is coming just to let everyone know that doesn’t understand crypto. 👍🏼

[@PriestessOfSlaanesh]

Leave them, they all will be Upset or even join when we reach 100k+ in 2024/25. Then people like us sell. Then they will lose everything (sadly) and then they will call it "dead" again in 2027 when it drops 90%. And then we buy again :) Its the same circle since 2009 lol. But never sell ALL of your BTC. Its probably the most valueable asset on earth. Dollar/Euros are worthless

[@jjcarver80]

Nothing wrong with crypto. It's the exchanges that are bad, hence why you keep your crypto in a cold wallet, not the exchange. Also, this isn't FTX USA. You won't lose everything if you keep your crypto OFF the exchange (in a personal drive).

[@Johnadams20760]

i never trusted cyrpto. in fact, i think we should go back to teh gold standard, not the other way around.

[@Mybutteredpopcorn]

Shhh...that didnt work out good for Muammar Gaddafi. When he wanted to switch currency to the African Dinar...all of a sudden he was to be overthrown and was supposedly killing his own people, only to be killed by NATO.

[@freezingcicada6852]

If you dont think the crypto market would reflect what happens if we go back to the Gold Standard...Idk what more to say. Yeah crypto you have a bunch of different alts; I'm not talking about that but the circulating volume would be similar and have nothing but scams running around under a gold standard.

[@tannerharris4505]

people need to realize you're not investing in a coin, you're investing in a piece of technology. shitting on the entire crypto industry because of some bad actors is silly.

[@a1mtarabichi]

Crypto is far from over. Bitcoin was around a year ago, and it will be a year from now.

[@NAPtubexvii]

12 years. People thinking crypto is going away are delusional. Guys like Kevin O'Leary are dying to pump billions into crypto.

[@sebastiann9279]

This lol, dont invest in shit exhanges or coins better to stick with binance and btc or bnb you cant go wrong lol

[@kimapr3817]

@@sebastiann9279 Binance is a shit exchange, BNB is a shitcoin and BTC sucks.

[@Satans_Financial_Advisor]

Who else remembers hearing about Bitcoin when it was like $200 for 1 and the only people that bought them were doing illegal stuff on the internet? Us law abiding citizens looked at it as if it was worthless. Still is, but boy did we miss the boat.

[@probablyhuman6973]

It was worth less than a penny at the beginning... Took 6-7 months to reach $1.

[@pedroneves2590]

Crypto has died 400+ times

[@datemasamune2904]

Yuri: No comrade premier. It has only begun.

[@darthbrooks4933]

It’s cool. People have only literally said BTC is dead close to 1000 times. Maybe this time is the one!

[@purplepinekush3246]

@@dwightmanne i bought 10 btc at 90 bucks a coin in 2011, i sold them when it first hit 20k

[@Felix-fm5cn]

@@purplepinekush3246 Trust KZbin comments

[@pre55ure]

weve seen these occurrences happen time and time again. crypto isnt going anywhere.

[@topspot4834]

It's good as an alternative investment, which is a smaller part of your overall portfolio ... No problems with that and have a small percentage of BTC myself ... The problem is these crypto bros spending every penny thinking they're gonna retire in a few years. Always smart to diversify.

[@pre55ure]

@Davemike27 i havent invested a dime lol

[@Nubbley]

one coin/exchange is not the entire market. i took the opportunity to add more to XLM. asmongold is misinforming his viewers. sad day

[@afrules9097]

FTX has done, what every bank in the world (they are all bankrupt) are doing. Its called: Fractional Reserve Lending.

[@GTJW22409]

You guys stick to playing video games, finance is not your thing.

[@atomicforcegaming2867]

This is exactly why I put all my crypto on a cold storage wallet.

[@XxHrallundeadrogueXx]

Hey I read 1 Facebook post a day. I have the most info in the entire world! - 90% Of People Nowadays

[@MatthewJones-pz9nx]

Why are people acting like this is some catastrophic first time event? This has literally happened 3 times in what 10 years? And it always comes back stronger then the previous run. A majority of asmon gold viewers seem to be sheeted so hard by all his opinions, and yes I’m an asmon gold fan myself but I can use my own brain to research and make decisions based off that

[@ayylmao9907]

agree

[@codybedford7978]

agree as well. Asmon is really smart, and I usually agree with him but to write off all crypto is definitely a bad take. The dollar has no value just like real world goods, just look at inflation in the past year. Crypto is still very early

[@anonymouslife3777]

More than 3 times, crypto banks went insolvent a lot all over the world, because they are playing the ponzi game with shitty ETH tokens that are literally just number on screen trash. And just like you said, real Crypto is still growing. Just another shakeout of malicious players, add it to the "Bitcoin is Dead" list, number 465!

[@IndustrialBonecraft]

There's a LOT of investment in seeing it collapse. I don't think people even know why they hate it. A majority of people just hate because they see other people hating it - it's basic herd thinking. Then some people saw a bunch of the VERY early adopters go from getting ridiculed to being worth hundreds of millions (even now, nevermind a couple of years ago) and they probably hate the fact that they feel like they've missed the boat. And another group of people hate the fact that it's not actually THAT different from their bank accounts. They'll swear up and down that it has no value, while at the same time swearing up and down that a dollar or a pound or a euro has whatever value those currencies hold. Because a governent official or a bank official told them that's how it works. Because considering the idea that their own money in the bank is just as subject to collective belief as digital currency, is pretty fucking terrifying (understandably).

[@PerfectZeroMusic_]

0:55 I am surprised that people back up projects and currencies made by people who were exposed to be scammers even before launching said currency

[@lzl3lol]

I agree, this is a problem I've noticed with the crypto community too, they get wrecked and still want to trust the people who wrecked them. No idea why, I wouldn't trust anyone like Do Kwon as far as I could throw a 10,000T weight.

[@justsomedude8324]

Maybe graphic cards prices will now go down to reasonable levels.

[@baronsengir187]

They already learned how much people were ready to spent. No way that is gonna happen until they have full warehouses for months.

[@alexnoack9941]

They haven't been too bad for a couple months now, but get the most bang for your buck you'll likely have to snag an AMD card