Crypto Mania: Behind the hype of cryptocurrencies | Four Corners

Cryptocurrency is the hottest financial product in the world.

The hype is everywhere, with forms of the digital currency endorsed and advertised by celebrities daring you to invest in this brave new world.

Not everyone is convinced by the glossy ads and bold claims.

Four Corners investigates what lies behind the slick marketing and big promises to examine if it's a fad, a fraud or the future.

ABC News In-depth takes you deeper on the big stories, with long-form journalism from Four Corners, Foreign Correspondent, Australian Story, Planet America and more, and explainers from ABC News Video Lab.

Note: In most cases, our captions are auto-generated.

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[richardk.mallard]

We work for years to have, $1million while some people I know put thousand of dollars in some meme coins and they are millionaires.

[timemasterhms]

For anyone wondering, the so called 'Dogecoin millionaire' isn't actually a millionaire.
He hasn't sold any of his investment of 250k and currently has 320k with the price of Doge sitting at $0.08.
He makes money from YouTube videos where he is paid to talk about other crypto coins that have ended up being scams. He is widely ridiculed on Reddit and YouTube and even by the person that created Dogecoin.
It's really annoying that 4 corners talked to him when he represents the worst part of crypto, with him being a shill on YouTube promoting scam coins.

[atb]

Finally a program with the courage to have comments switched on

[mohammedali]

ACCURATELY SPOKEN to
INVESTMENT EXPECIALLY IS REALLY
PROFITABLE NOWADAYS

[ToniPfeiffer-kfzg]

I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 30k in crypto and made about $246k, but guess what? I put it all back and traded again and now I am rounding up close to a million.

[WesternAustraliaNowAndThen]

The fact that a joke digi currency actually turned into something should tell people all they need to know about crypto. A few people will get rich, the rest will get conned.

[nancyflores]

I believe that the fear and greed index with a new low value of 6 reflects how the crypto market reacts to a full blown recession. Yes, there were crypto bear markets in the past, either caused by regular cycles or extraordinary events such as COVID, but we never experienced a true economical recession in the crypto market. Keep in mind that crypto market is just another financial market (meaning that is 100% dependent on major macro economic events) and is more volatile than other markets (which is a good thing, cause that offers long term opportunity to get rich in an extended timeframe meaning buying like crazy during these times and selling at the peak of the next bull market whenever that may be). The only "catch" is that you must NOT buy speculative cryptos (aka sh*tcoins), but the biggest, most "boring" coins right now (BTC, ETH, BNB) with big utility and market cap that will not go to 0 until the end of this bear market. I buy and just trade long term more than ever, I havemade over 16` btc from day trading with Amelia Walter's Crypto in few weeks this is one of the best medium to backup your assets incase it goes bearish. Technical analysis is my second language

[randfur]

> Crypto can be used for good and for ill.
The good:
> Within a decade you will be able to sign a contract for a house and own it in minutes because of this technology.
Just what we need, high speed house trading...

[FinancialShinanigan]

Dogecoin Thousandaire being taken seriously is going to end badly for people who follow his picks

[mrwalker]

My horse can go anywhere your car can go - 4 corners - come back in 10 years and we'll see where we are then.

[adiintel]

How can you regulate Mathematics ? The Fud is strong ABC

[theocascades]

wow. had to wait 40mins to hear something about the benefits of Blockchain and the technology behind some of the Cryptocurrencies. Would be nice to see a documentary one day (from mainstream media) that dedicates equal amount to both sides of the coin

[TMarkLenthall]

Crypto coins are like miracles, you only hear the one's that occur, not the 10's of millions that didn't, even after devoted praying....

[nffo]

Crypto guy: I'm a visionary

Caption guy: Ok, blockchain developer it is

[mattstirling]

16:50 is sort of why I don't trust the sector. There's a complete willingness to spout utter rubbish; there is *NO* way that 7.8 million Australians own a crypto asset.

[MellwYllw]

The extent of criminal activity in cash couldn't be quantified. That's the beauty of blockchain

[nicoricardo]

<Many People are seeking stability in this unstable crypto space and asking if now is the best time to invest? before jumping into conclusion i think you should take a look at things first. for the past few days the price of BTC has been fluctuating which means the market is currently unstable and you cant tell if it is going bearish or bullish. while others still continue to trade without the fear of making lose, others are being patient. it all depends on the pattern with which you trade and also the source of your signals. i would say trading has been going smoothly for me, i started with 2.5 BTC and i have accumulated over 17.6 BTC in just three weeks, with the trading strategy given to me by expert trader Axel William.

[paultaylor]

People seem to fall for anything with a pretty picture

[TheScoobysteve]

'Crypto has no real value other than the shared delusion that it's worth something'. Literally every currency ever.

[thermitebanana]

But Crypto isn't all scams, right?... <checks comments on this video>
Nevermind