Bitcoin's FATAL Trust Flaw

[@slidebean]

KZbin is just our side gig. Our real job is helping startups and companies tell stories. Learn how we can help yours: yt.slidebean.com/ftx

[@tea4nihilists]

this continues to be my favorite channel for business analysis. it's effortlessly clear that you all are regular folks who have worked hard to build yourselves up and you use that success to do good, informative work. also, Caya's hair has been incredible lately 👍🏾

[@slidebean]

This comment is getting pinned. Thanks 🙌 - Caya

[@tea4nihilists]

@@slidebean 🥰❤️

[@paulrdrs]

Blockchain may be “unhackable” but when push comes to shove who controls the chain will always forget ethics to benefit themselves. Remember the DAO.

[@CBRN-115]

Business' only ethics is to maximize profit. No matter the method People must not forget this.

[@yacce4463]

The beauty of the blockchain is that possibility to hard fork, i believe in Ethereum Classic's ideology, but Ethereum decision to do a rollback wasn't only due to a few big players, lots of ordinary people lost money on the DAO hack.

[@vylbird8014]

Blockchain's strength is also a weakness. It's run on the strength of code, outside of the legal system. No enforcable taxes, no asset seizures. But also no legal protections - no way to undo a transaction in the event of fraud. No way to subpoena a banking record. No probate. No way to enforce civil damages. If you fall for a scam, or an insider robs your company, or someone hacks your computer and gets your wallet? If you forget your password, or your drive dies and you didn't have a backup? You lose it all. Ha ha, fuck you, nothing you can do. It's living dangerously.

[@ahsanshami02]

Crypto's just a tech. The better question is can we (still) trust people with power?

[@p.cnunes7098]

Yeah this question is ridiculous, its like asking, can we still trust guns? now that Russia is at war....

[@stachowi]

@@p.cnunes7098 tech centralizes into people's control... so it's not that ridiculous.

[@p.cnunes7098]

@@stachowi yes it is stupid, and no, tech does not. regulations cause tech to centralize. BTC can not be regulated. dont comment things u obviously know nothing about or u will embarress yourself.

[@Entertainment-]

Can we trust cars? Knives? Electricity?

[@p.cnunes7098]

@@Entertainment- Exactly

[@stellam1137]

You were never supposed to trust it in the first place, It’s supposed to be TRUSTLESS AND PERMISSIONLESS. This entire thing is a problem with people fundamentally misunderstanding the core principles of why cryptographically secured, blockchain monies exist in the first place. Don’t trust a person, don’t even trust their in-depth sales pitches, AUDIT THE CODE THEY WRITE. If you’re going to treat digital monetary solutions like casinos, don’t be surprised when the grifters show up.

[@floxy20]

Yes, auditing their code should be a snap.

[@HaimRich94]

I have never lost a single coin from an exchange hack, what I can't understand is why if cryptocurrencies were made SPECIFICALLY to avoid trusting third parties... why do we still keep coins on centralized companies run by companies? I mean what's the point in having such great tech if we are going to do everything like before? The FTX scandal was needed, the market needed such a fraud so the madness stopped and we continue building good stuff instead of just chasing imaginary yields

[@minnaing5970]

Just trust binance

[@HaimRich94]

@@minnaing5970 no

[@minnaing5970]

@@HaimRich94 Nob

[@gnoffa]

No we can’t

[@wojtekpaka4057]

This video is 21 min, but you answered question 1 min after this vid was posted. And i still think you are right. 200 IQ At least we can all agree we can, should and must belive Elon the Musk, right ?

[@MrMysteryman00]

@@wojtekpaka4057lol

[@tkdevlop]

don't trust anybody trust the code

[@VallenChaosValiant]

@@wojtekpaka4057 Nothing unregulated can be trusted. A contract only gets enforced if there is regulation, or it is just a signed piece of paper. An online ledger is meaningless since there is no enforcement. It can't get you to own anything because it is just a contract without laws.

[@HaimRich94]

If you don't trust them, you should not trust your password/computer/phone/etc either as they share the same tech under the hood ;)

[@IAM-iv1oz]

Wolf in sheep's clotting is what SBF is and was and will always be. Shady af .

[@kingbobb8389]

Also look into his parents and their “friends” who have power and influence over this.

[@aangitano]

Nah, totally "self made" like, he came form zero to a billion 🤡

[@owenb8636]

If we're throwing rotten fruit, let's not forget Mr Wonderful

[@martinlutherkingjr.5582]

More like the devil in wolf’s clothing. Red flags were everywhere. He was try to position his company to control the entire space via politics and harmful regulations. In fact, things would have been much worse if ftx hadn’t blown up so maybe it’s the reverse.

[@KarlBunker]

A terrific video, as usual. Clear explanations, a great host, and OMG, absolutely stellar editing.

[@BrianGivensYtube]

Ignorance is no excuse for criminality. For fraud. For theft. For corruption.

[@melanineyedoc]

We can trust the tech, but can we trust the people????

[@jameslau5497]

I can't say enough of how much I enjoy your videos. Am so so glad you stayed on as presenter: when it works- it works. Thanks m8

[@Kaz-qz2oq]

Yes, but we need to stop trusting exchanges, trusting big names, and trusting in general. Transact with each other using your public keys, as the technology was intended for, please

[@larryjonn1973]

You're spot on, dexes like spectrum finance are the future

[@anjolatope-babalola2338]

It's not if you can trust the technology It's a tool, it depends on who uses this utility The question is who can you trust

[@evanfinn6454]

Your videos are so goddamned good. Caya, you are an ace presenter. Thank you for this.

[@Touchgrassplz]

this video was a masterpiece and a joy to watch - good job folks !

[@retry51776]

Don't trust, verify. Problem in old system is people rely on trust.

[@henryfleischer404]

Is that really a problem though? Where would you be without trust?

[@mabueno]

The 3 defining factors for a currency, contrary to what was mentioned in the video are: 1- Medium of Exchange, 2- Unit of account and 3- Store of value.

[@cristianandrei5462]

More like: 1- usability 2- stability 3- trust by users. Bitcoin is just horrible as a currency in the first 2 criteria.

[@ILNSuryaChandra]

I was waiting for a return on one of my investments for about 11 months and they finally decided to distribute tokens on November 7th after waiting for “better market conditions“. And all this shit happened at the same time🙄

[@exploshaun]

No matter how "solid" the technology is, it is being used in the complete opposite way the creators intended. Trust is gone long ago.

[@Tkcrypto1]

That's like saying someone used a car to commit a crime so you can't trust cars. Or someone used cash to commit a crime so you can't trust it. You can insert any situation and saybthe same thing. So maybe use some logic. Is the technology bad, is a gun bad, is a knife bad? No, it's humans

[@lug.5329]

@@Tkcrypto1 , what was bitcoin intended for? currency? what can you buy with it? child rap* video, illicit drugs, terror financing. LOL. coffee? nope.

[@danpauloverdad8862]

Yes you can. Use decentralized wallets as originally intended and do not use custodial wallets.

[@carrtoonist]

Regulate the centralized exchanges. Decentralized apps and protocols don't want or need your trust.

[@SystemBD]

"Trust, but verify" and all that.

[@martinlutherkingjr.5582]

There’s no such things as an unhackable device, just how hard it is to hack.

[@krokro1792]

The media needs to claim responsibility for advocating SBF

[@sutats]

Of course. Buy, buy, buy! Sell, sell, sell!

[@J_bui]

Important to note how astonishing it is, the rapidity in which people forget. The same way nobody cares about Chipotle’s former E. Coli issue is the same way people forget about this fiasco.

[@benhwang4609]

Last year I traded BTC futures with high leverage and lost all my money

[@alexanderheinrich7069]

Cryptobros after they got scammed the millioned times: it was just another bad actor the system is fine.

[@adrianlemus2768]

20:58 you said “native” hope but did you mean “naive”? They’re a letter apart, wondered if it was just reading from script with a one letter typo.

[@dehackangel]

Caya🙈 y'all super impressive with these videos. Btw you've inspired my hairstyle 😂

[@shemaths1668]

Blockchain is a basically a hashing algo. If you use it outside of what it was meant for you will have problems. Bitcoin was meant to be a way to perform transactions without depending on government interference. When folks tried making "banks", derivatives, etc... You opened the door to scams

[@itheuserfirst3186]

It's like communism. They just didn't do it right. 😁

[@soson001]

Thank you for the video .

[@taylorferguson5334]

SlideBean's content marketing strategy is truly on point - Take notes.....

[@FBAagent]

Screlli had at least the decency of being honest

[@rilwanj]

Trust requires no effort that is why we default to it

[@floxy20]

Still trust? What do you mean, still trust? The whole idea of a private individual(s) creating their own money is absurd, and every calamity based on this fraudulent base stems form that absurdity.

[@simitometi6219]

This is so freaking good guys!!!

[@periklisspanos7185]

No problem I will put trust on the right person

[@microMobilidade]

Dear Caya, you should do a review on “The usual suspects “ and how it applies to Tech…

[@dannyshaw4433]

8:09 media was paid and told to fall in love with him. sheeps followed

[@lug.5329]

I find the statement 'potentially revolutionary technology' shady because BTC has been around so long now and it still has not been widely adopted.

[@Onion_Knights]

long answer: maybe short answer : HELL NO

[@mysteryY2K]

you don't need to trust it when you self-host

[@dimplesd8931]

Came for the knowledge….stayed for the editing transitions

[@adventure_unlimited]

Wow some old footage there brings back some memories

[@oventi_]

Human error yes, but the error was trusting a person you didn't know without ensuring they have active safeguards to prevent hacks or losses. Only 1 person had the passwords! Not acceptable.

[@lenOwOo]

I put money when it's low. . .and just waited. . .for yearssssss that is. Until when it get high. .

[@cryptfiend]

@6.25 FYI Recent attempts at withdrawal of BTC from Gerald Cottons Wallet address raise doubts as to his actual death, which was dubious to say the least.

[@catboy9800]

Guys you put a long siren at minute 3:09, it sounded as an alarm siren from the city. Please don't.

[@Raphaelogwu]

".....it seems to be a human nature thing, this desperation to have a hero cling to" Yeah, I know what this is.

[@valentinmalinin]

Just stop calling it currency, let's be real, it's just an online casino.

[@liqwidstudios6156]

I watch your videos too much these days. The depth, the production, the knowledge. Everything fascinates me.

[@phillipj1135]

19:45 Their may be some irony in seeking government assistance but the irony starts with the use of a exchange. The exchange centralizes the whole system making it less decentralized.

[@Tim_Bo_]

You forgot to mention that all taxpayer money that was sent to Ukraine as aid, was embezzled back through the FTX exchange. Currency doesn't just disappear, in this case, it was stolen.

[@wilfredpeake9987]

A currency needs to be liquid spendable and investable.

[@Armin99_]

insane video, nice

[@frmcf]

You seem to have this upside down. The whole point of bitcoin is that it’s trustless: you don’t have to trust anyone. You run open source code on your own machine and you keep an up-to-date version of the ledger that allows you to verify every transaction yourself.

[@henryfleischer404]

That may be the point, but that does not mean it's a good idea.

[@ClashofWilson]

great video thanks

[@minawena4428]

In South Africa, one of the biggest supermarkets, Pick n Pay, has recently started accepting Bitcoin for payment. Good to hear adoption, not just creating stupid tokens.

[@makhosi6]

19:54 irony of the century

[@roc7880]

FTX is how gen Z realizes the reality. When they will die in surgery or lose their money invested in stock market they will also see that equity is an utopia and competence matters.

[@rockfire1669]

When it gets regulated

[@joao3547]

Nope. We never could

[@Rein-in-die-Maas]

Sell as long as you can.

[@bartholomewcorrigan4161]

No the worst part was all the lives ruined and families he stole from

[@henryfleischer404]

I don't understand the point of cryptocurrencies. There's A reason we moved away from gold. A certain amount of inflation is fine, and being able to print money is useful.

[@larryjonn1973]

A real world example would be if you were in a third world country where you are unable to get a bank account or where the banks are too corrupt, the only project I know of helping people it it's true form is ergo, so many others are scammy

[@SecondTake123]

Tech is good, people aren't

[@343themarine]

No, and we never could. Next question ?

[@FasterDrivers]

I am fixing this.

[@victorybeginsinthegarden]

I don't except any blame in this story

[@valberm]

Sure we can, sure...

[@josephbiggs6620]

Didn't you take a Masterworks sponsorship on your Ticketmaster video? Company is an obvious scam and has no legal obligation in their term and conditions to give you a payout.

[@juliametcalf2660]

As Sam would say, " money is fungible" ...

[@chappiescollectables]

Yes, bull is back

[@brca0957]

Ok. So just for s moment we believe SBF had no idea what was happening. Then he would be the world's chump.

[@narlycat]

Everybody, winners and losers, have to go through an exchange??? That there is the problem, you hit the nail on the head....the problem is *unregulated centralized exchanges*. FTX is a lot like what Fidelity, Charles Schwab, and TDAmeritrade would do if they were unregulated and could get away with it. So therefore if those centralized exchanges were let loose off of the leash then that means we cannot put our trust in the stock market in general or the US Dollar and other national currencies???

[@henryfleischer404]

That's why we have laws.

[@I_am_ka]

Exchanges & Shit/MemeCoins can't be trusted. Ever! Any projects w/ Utility or solution factor like DLT/VR/A.I coins will grow nicely

[@FooTude]

Nope it’s get rich quick scam that sooner than later peeps will be left holding the bag!

[@PlayerOPS]

Is the conclusion either cryptocurrency is either a flop or a steal?

[@yoverale]

Hey the comment section is totally shitted but some bot spamming some kind of shitcoin or scam 💩 please regulate it Slidebean’s staff

[@GabrielDalMaso]

Cryptocurrency was created by people who were unhappy that there are people who were rich with real money so they created fake money to pretend they are rich too... it's just like a spoiled kid who pretends his monopoly money is real and tries to convince his dad to change it to real money so he can buy his favorite toy.

[@nunyabizness573]

So if you invested $1,000 at 8% interest in a year you would earn $80. Big deal. Inflation eats it up in a year.

[@abramrosales886]

Honestly no.

[@andrethegrail]

No… the answer is no.

[@rakilifeafter6346]

I'm waiting on AIT300X don't like buying after it's already pumped, still buying btc

[@roc7880]

love content hate the form, too many sounds and beeps that make listening difficult.

[@MiroslawHorbal]

You never could 🤷‍♂️

[@sunnohh]

Never could

[@nunyabizness573]

Im 61 and Ill be dead long before this ever goes main stream.

[@kennethngaloru1875]

Lovely

[@jackwallace1016]

Still?

[@clxcwr]

No

[@UmutKeskeçOfficial]

BUY THE *AIT300X* AND HOLD THE LINE BOYS.

[@tamanna4697]

Blockchain is a cool tech - that's it, nothing more

[@Mix1mum]

Shots from Pi in the mix, that movie is a freakin gem! I saw it on release weekend in some random seedy theatre, i swear they must've normally played adult films, off Broadway (of Mix's Posse fame) in Seattle, back in the grunge days, waaaay before the current, gross, tech blowup. Amazon changed the vibe into the same vibe you get from an Einstein Bagels, or a Quiznos, or fucking hack Chipotle's. Super. Gross. As gross as Seattle has become, that crusty theatre was the peeeerfect setting to watch Pi. FTX leaves me like the emotional aftermath of Pi, of Trainspotting, like Spun, or Kids or fucking Requiem for a Dream. Dirty. Like I need to shower.

[@jprpic5945]

Don‘t trust - verify

[@harambetidepod1451]

If you trusted those two goofballs with your money you kinda deserve to get fleeced lol

[@ghrayo]

So the answer is no

[@unknowdiamond00]

AIT300X has as much potential as ethereum. But unlike ethereum it has a bigger growth potential.