Why Bitcoin is a Scam

In a little more than 10 years, Bitcoin has become a ubiquitous part of everyday life, and the community around Bitcoin (and other cryptocurrencies) has grown exponentially. People have gotten rich off Bitcoin, you’re told; put money in it, and you’ll get rich too. But it’s all a lie. Doug Henwood, author of Wall Street, explains.

0:00 The Financier’s Story
1:09 The World of Bitcoin
3:07 Is Bitcoin an “Investment”?
5:04 What Bitcoin Represents
7:15 Credits

[TheGravelInstitute]

this is our way of announcing our new partnership with Ethereum /s

[apolloforabetterfuture]

Controversial one for sure this comment section should be fun

[broopara]

drove me nuts that this video was bookended with ads for Etoro. the setup involved a guy named Mark who wasn't sure whether or not to buy into crypto. they ended the video by asking, "do you feel like a mark?" One hell of a Freudian slip, I'd say.

[XavierBright-okpr]

Much obliged to you Adriannotch for
lighting up my life again. "You are a motivation
due to your constant, positive demeanor." "Your
uplifting perspective and difficult work on the
net make you folks incredible!" "Thank you for
having an uplifting perspective and an
extraordinary hard working attitude

[StanleyDylan]

Outstanding job, *Adrian notch* I'm so glad you're out there battling these vile con artists. We must
take every precaution to protect the general
people and the elderlv from these vile con
artists!Bravo to vou! You ought to be awarded
the Nobel Prize for protecting us. Big up, brother

[faidou]

You guys ever thought about doing a video on NFTs, specifically the art kind? I've been skeptical of these kind of things for a while since all of a sudden, artists I've never heard of are making millions a day out of nowhere.

[NotJustBikes]

The Ponzi Scheme. That sounds familiar. 🤔

[pelgervampireduck]

people don't say "I want bitcoin", people say "I want bitcoins because they are worth x dollars". it's a storage, the objective or the main idea has always been "let's use this to get real money" or "how can I get rich with this".

[josepheridu]

No modern medium of exchange is based on "inherent value".

[conall]

I think that someone once said something relevant to this:

"I [suspect] that we are throwing more and more of our resources, including the cream of our youth, into financial activities remote from the production of goods and services, into activities that generate high private rewards disproportionate to their social productivity. I suspect that the immense power of the computer is being harnessed to this 'paper economy', not to do the same transactions more economically but to balloon the quantity and variety of financial exchanges." --James Tobin, July 1984

[antonpopov]

This video just described how the US economy operates…Hedge funds and shadow banking..cough cough 2007

[ClearCritique]

Great video, and your voice is perfect for this material, striking that nice balance between grave and instructive.

[juanluismitchell]

What's the difference between bitcoin and the price of an stock ? I know apple for example is building products but I don't have discounts for owning 10 shares... aren't the shares speculative assets as well ?

[robertwright]

I wish more Gravel Institute videos would interrupt my other viewings rather than Prager U! Dammit...

[ToaChronix]

Cryptocurrency feels like it's become a religion with how defensive its adherents get when you criticize it.

[Brutuscomedy]

Great vid! Also, litty music to boot 👍

[ToProTyp]

2:49 so emerging markets national currencies are also not best currency to use :D

[sergiogomes]

imagine being a Salvadorian and having your economy collapse when elon musk tweets something

[martiansurgery]

I kind of feel the same way about Wallstreet. Or the Wallstreet that has become

[nosuchthing]

Wait, people DO use bitcoin to transfer funds quickly etc.

It doesn't matter how much BTC is used. As long as some is used.

Most gold sits in vaults, bit some is used as currency.