by Summary:
This video is sponsored by Wall Street Memes: https://wallstreetmemes.care/b_ProfessorSteve They want you to dive into a crypto presale; go ahead if that's your thing. This may be the first in a series of videos on crypto currencies--depending on how many likes (or even dislikes!) that this gets.
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Steve Keen considers the following as important:
This could be interesting, too:
This video is sponsored by Wall Street Memes: https://wallstreetmemes.care/b_ProfessorSteve They want you to dive into a crypto presale; go ahead if that's your thing. This may be the first in a series of videos on crypto currencies--depending on how many likes (or even dislikes!) that this gets.
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| This video is sponsored by Wall Street Memes: https://wallstreetmemes.care/b_ProfessorSteve They want you to dive into a crypto presale; go ahead if that's your thing. This may be the first in a series of videos on crypto currencies--depending on how many likes (or even dislikes!) that this gets. |
Go for it.
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BE AWARE OF FAKE CONVERSATIONS LIKE THIS ONE STARTED BY @ReyesNguyen!! THEY ARE ALL SCAMMERS!!
When one person uses multiple accounts to fake a conversation for manipulative reasons. Welcome to crypto, the sh*tf*ck weasely con-game from human garbage.
I love your irony😂😂😂😂😂😂
I clicked the like before Steve had finished the intro.
Back in July 2019 Mark Blyth gave a lecture in Canada at McMaster on Global Trumpism. After the lecture there was a Q&A and he was asked about Bitcoin. You can find it here on YT the video title is "Mark Blyth – Global Trumpism and the Future of the Global Economy" The Bitcoin question is at 1:17:52 in that video.
In a subsequent interview Mark noted a Bank of England Quarterly Report from Q1 2014 that has 2 articles in it explaining WHAT MONEY IS and HOW MONEY IS GENERATED. Google "bank of england report q1 2014" and it should be the first link which will give you a 114page pdf. Its the first 2 articles in that document.
I also watched a Gary Stevenson video on what money is (hear on YT)
Yanis Varufakis did an interview on the David Pakman Show (hear on YT) and when quizzed about how the pro-crypto people saw the inherent issues in crypto as FEATURES instead of BUGS Yanis replied "That only shows how ignorant they are!"
As Mark Blyth said Cryptos ARE NOT money because.
1) They are NOT units of account.
2) They CANNOT be used for reliable exchange of value because they are too unstable.
3) They CANNOT be used as a reliable store of value because they are too unstable.
I'm an engineer and I got the 2nd and 3rd items pretty easy. That first item got me for a bit until I read the bank of England report. Money is to Value the same that Meters is to Length and Celsius is to Temperature. Its a standardised method to measure value. The idea of standardised systems like the Metric System is what makes engineering possible and with it all the stuff that makes modern society what it is. Similarly money is what makes economies possible. Prior to the almost universal acceptance of the metric system most countries had their own systems of weights and measures just like they had their own currencies. That's the important thing the Metric system exists and works because its backed by Nation States. Our currencies work because they are backed by our nation states or in the case of the Euro a block of nation states.
No Crypto is backed or defined by a Nation state and as such have NONE are RELIABLE standard units of value. As Patrick Boyle reiterated what others had said, "Not all cryptos are scams. Some are also Ponzi schemes."
settles in with some popcorn.
back on form! just think of all the global warming crypto has brought us with its energy demands while gorging on water to keep themselves cool. AI is taking its spot though in investors hearts. This is the market working to save us from climate change.
Great video. Thanks Steve!
I wish I could like this a thousand times!
It's Bitcoin vs shit-coins, however the important issue here is that over the coming decades, the globalists are going to be coming after Bitcoin, forcing us to use cashless digital fiat. I predict, in the trend of problem-reaction-solution, that software is about to be demonised. There will be a global catastrophe, probably economic, that will be blamed on software terrorism. This will lead to all software having to be vetted prior to publication. The only software plebs like us will be allowed to run will be through Apple/Google/Microsoft webstores – Microsoft are already doing this with Windows 11c. Linux too, will be contained. Linux needs keys provided by Microsoft for installation and this will be made dependent on Linux software being security vetted. Anonymous Bitcoin wallets will disappear from the app-stores and crypto-exchanges will all be KYC'd. There will come a point where no financial transaction will be be independent of government scrutiny, and the freedom of personal financial sovereignty humans have enjoyed since the dawn of time will be snuffed out. I don't want to live in that world.
Many of us already were thinking the same, but if Steve Keen, "the scourge (torment) of mainstream economics" says so, now you can be sure that cryptos are just a fraud.. Thank you Professor!!!
There is only one bitcoin
Which proves my point: cryptos are now fighting over which coin you should trust…
@ProfSteveKeenWith Bitcoin, the one recognized as the valid chain is the one that has > 50% of validators (not miners)
@ProfSteveKeen,
I loved your podcast with Lex Friedman and it has taught me a new way to look at economics.
Unfortunately, I'm not sure you're seeing a tremendous value proposition of a blockchain based cryptocurrency. That is the idea that an individual can *self-custody* their own currency instead of needing an intermediary. @RobertBreedlove22 suggests that this, along with the inability of civil forfeiture, and the inability to unexpectedly change the supply of the currency, creates an incentive structure that benefits the individual more than today.
I agree that an extinction level event is needed to rid the industry of all the shitcoins. But I disagree on your analysis of the industry.
If you follow @charleshoskinsoncrypto, he states that the cryptocurrencies that will win are the ones that provide the best use & utility to the end user.
Keep going down this rabbit hole Professor Keen, your input is invaluable.