Last Week Tonight Covers Cryptocurrency

Submitted by: normalfreak2 7 months ago in Funny Misc News & Politics Tech


As Jon Oliver does so well, he breaks down Cryptocurrency, Blockchain and all that comes along with it in an easy to digest format.  Enjoy!

For those of you Outside of the US you can view the Video here
There are 11 comments:
Male 12,875
I like the comparison of Bitcoin to beanie babies. Except for a few caveats, beanie babies exist, cost money, and were to a certain degree verifiably scarce.

You're telling me something that your computer made for free is worth an entire year worth of work at $10/hr? OK bro. Good luck with that.
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Male 12,840
holygod Sounds like you have a poor understanding on this as well.  Cryptocurrency is actually here to stay as long as we have computing (barring any collapse of the Internet).  It's getting bigger, and the brick and mortar banks are terrified of it, because it puts finances in the people's hands and out of the banks.  In fact the banks used to think it was a joke until the last 2-3 years, now there are actually banks who are denying people from using their services to buy crypto currencies, and other banks who are desperate to get in. There are many applications of the blockchain technology, since it's like a distributed database, so that is not going anywhere soon either, but more are embracing it and building on it.

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Male 12,875
monkwarrior I recommend you invest all your money in bitcoin.
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Male 12,840
holygod I actually have invested some money in cryptocurrencies, but not bitcoin.  It may have first mover advantage, but it's too slow compared to newer technologies which are actually much faster.
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Male 9,454
holygod Well let's be honest, all the World's Currency uses the same logic.  Our Currency and that of other nations isn't built on anything "tangible"  It's only as good as the value the people who have it, give.
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Male 579
normalfreak2 It wasn't always this way, either. Nixon took us off the gold standard in 1971. The dollar was actually backed to a commodity before then. 

It's like equating Christians criticizing Scientology when they are both religions based off of (likely) fictional books. 
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Male 12,875
mrsnowmeiser Although that's bullshit too right? I mean gold has no value except for what we agree it is worth.

If someone comes up with a way to synthesize gold where the end result is indecipherable, all of a sudden without scarcity gold has no value.
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Male 579
holygod I don't find it to be bullshit, because you can't print gold into hyperinflation, you can only mine it, which is a fairly steady (and slow, this is one of the arguments against a gold/commodity standard) 'growth' rate. Sure, you can modify the exchange rate of gold (aka how many dollars would buy X amount of gold), but looking historically, these changes were quite small compared to how much the dollar is created. 

Taking the dollar as comparison, it is massively inflated due to 1) being able to literally print as much as The Fed/Treasury allows/wants and 2) Fractional Reserve Lending, which basically means you can create and lend much more money than is deposited in accounts. I believe the current rate is 3%, meaning if you deposit $1,000, a bank can magically create $997 dollars and lend it out, even though your $1,000 is still available for you to withdraw. 

Point is, you can't massively and arbitrarily inflate your currency under the dollar or bitcoin (since bitcoin has a rough average creation rate of 1800-2100 per day). 
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Male 14
holygod I don't think that you can reduce the numerous uses of gold to the same level of bitcoin.
At the end of the day gold still has value due to both its high conductivity and its extreme resistance to corrosion, and for this reason is still valuable in electronics.
Sure it might be hard to trade it to a starving man in a desert for his last sandwich but that doesn't mean that its entire value is imaginary.
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Male 12,875
normalfreak2 I mean, sorta. A dollar is backed by all the banks, the FDIC, and the government. You could spend $100,000 on bitcoin and when you wake up in the morning it could be worth 10 cents.
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Male 18,088
This is actually how the stock market is in China; these are the people visiting your cities and buying apartments with Rimowas full of cash.
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