BIGGEST BITCOIN MISCONCEPTIONS | Barack Obama, J. Dimon & Winklevoss

BIGGEST BITCOIN MISCONCEPTIONS | Barack Obama, J. Dimon & Winklevoss

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Oh. Good. Morning good morning morning Merry Christmas it's almost New Year today I thought we would talk about the biggest, misconceptions. When it comes to Bitcoin do you think Bitcoin is a fraud yes. The. Biggest problem I see with Bitcoin why I would never buy it is that they. Could steal them from your like their hack into your phone or something I hope I know people that have lost all their money like that so full disclosure I have invested, a little bit in Bitcoin I have stored it on the external hard drive so it should be completely. Safe for hacker attacks, so don't even try I feel like this is really important, to put out there in the beginning of this video seeing, us there's, two camps as the people who say Bitcoin is a conspiracy, theory why, is Bitcoin a fraud here's. The reason governments. They, like to control the currency they controlled through a central bank they, also like to know who has it wait, until someone gets hurt wait, until it's used for illicit purposes which is somewhat, useful there's purposes, they close it down. You. Both made the point when you were on the morning show now, people could put their money where their mouths are right because you've got people like Jamie Dimon, calling Bitcoin a fraud, so, if you think it's a fraud go, short it absolutely. Yeah we've been working really hard to. Give Jamie Dimon, opportunity, to short Bitcoin, and. Anybody who says that you know it's a fraud or a bubble you can go now put your money where your mouth is and that against a Bitcoin we think of Bitcoin as gold, and I think if you look at gold some people point to an intrinsic, value of gold but that really doesn't explain, the value of gold it might explain 10-15 percent of the actual value of gold gold, has value because we all agree, that it has value and we'll all accept, gold and as a collective, acceptance. And and value, that way Bitcoin. In addition, to being increasingly. Accepted around the world and more people coming to the system by the day, has. The minor mining, Network which is one of the largest computer networks in the world and it's backed by cryptography. A lot, of people would look at the, US dollar or government, backed currencies, and say a government.

In, Counterparty. Risk the average lifespan of, a. Currency is roughly, 27, years look no further than, the Zimbabwe, dollar, they, have I think a trillion dollar bill or Venezuela, the, the history of most currencies is really terrible, and I must admit I'm probably in that camp I really do believe that this has a lot of positive, and very. Very. Transparent. Features. That I feel the current economic system has been lacking, since. It really started, all that being said this. Will be my top, five. Misconceptions. When it comes to Bitcoin or crypto, in general let's, get into it and yes. If you new to the concept this is what I call a block you mentary if you're new to the channel then subscribe it's. Extremely. Difficult to make these right, if. My parents watch this video they're probably going to give me a hard time about that so, blog. You mentary the concept is pretty simple we talked, about in important. Topic throughout, my day. And. Yeah. It. Does get a little bit confusing, sometimes to do feel free to ask any questions you want in the comment down below first, of all before I Drive anywhere I really. Love to look into the lens and have that yeah. I'm, not able to do that while I'm driving, and I do have to go to a meeting in Hanning today so, feel. Free to hate, me for looking this way when I'm talking but I have to do that it's. Required, by law I'm sorry the first thing I want to talk about today is, the fact that, everyone. Is saying big, going to bobble bitcoins a bubble the size and scale. Of this initial yes rally we've seen in Bitcoin stepping away from yesterday, versus. Other stock, market. Rallies is what put it that in perspective I mean in terms of stock market there's just no example. Of any stock. Market of any breadth doing anything remotely like this if you begin to look into commodities which, are more like what, people perceive Bitcoin. This sir as, being it's still pretty, much off the charts a gold or silver apart, from when you bring in tulip, bulbs which is done a lot of analysis on which are also commodities, of a kind yes if you, look at the tulip mania, in. In, Holland in the 1600s. There were a number of things that were very similar tulips, were new to Europe at, the time there, were such things as tulip, derivatives. You could get certificates, for taking control. Of juice, they changed the regulations, and yes, you saw the final, a, few, months of the. Tulip, craze you did see a rise that was even, greater than what we've seen in the last year or so in Bitcoin keep in mind I'm not an expert on this but. Everything. That I, have been able to find that, I feel like is. Legitimately. Transparent. Points, towards is not actually. Being a bubble the, issue is it can become, a bubble if it all fails the. System itself is not perfect. So. If that is the case let me, bear, with it let me explain this. Basically. What. Kryptos. And blockchain, technology. Allows is for a decentralized. Economic system. Where we don't need banks, or, governments. Actually very, scary I know and, the question we now have to ask is if. Technologically. It is possible, to. Make. An impenetrable. The. Device or, system. Where. The encryption is so. Strong that there's no key there's. No door at, all. Then. How. Do we. Apprehend. The. Child pornographer. How, do we disrupt. The terrorist plot what. Mechanisms. Do we have available. To. Even, do simple things like tax enforcement because, if, in fact you, can't crack. That at all government, can't get in, then. Everybody's. Walking around with a Swiss. Bank what's really, really really great about this the entire system, can be transparent, and we can see everything that's going on at any time meaning. No one can defraud. In taxes, we can see what. Assets, every, person, have at all times which I see a tremendous value, in now keep in mind I do have Bitcoin, I do have skin in the game. I am also not an expert so don't take, everything I say as a hundred, percent undoubted, truth I really do encourage you to check up on everything I say because, I do try and make this as transparent. Conversation, as possible, see the. People who are against, this the people who say that kryptos, in general are a bubble, are people, who most. Of the time are either bank CEOs, or very.

Very Rich, individuals, who, honestly. Stand, to lose their entire. Purchasing. Power if, this. System is put into place and they don't have any of, it converted into Bitcoin, in time let's just go with Bitcoin I mean we could talk about the theory more like coin and if you're a more like I might actually be better examples, because the theorem has the smart contracts, which could run entire governments. And render. Those, literally. Useless or like. Coin where we know the owner and the owner just sold, all of his own shares in the, light point meaning, he no longer have any financial incentive, to actually make, this become a thing but, he's still working on it because he sees the value this could create, for equality and, for, general. Standard of living throughout, the world see if, you're a person, living in this world you. Put, your trust or your purchasing, power in, these middlemen. Who. Let's. Just be a little bit frank keep. Messing. Up in the sense that we have boom bust cycles, we have crisis then, we have booms and then we have a new crisis, that's, actually, not because they come, that's because, that's. How the economic, system works that's, how our. Entire, society, works. And that comes down to a lot of different things some economists say it's because well as an individual, you. Would never deduct, yourself, in pay so, if your pay consistently. Grows, throughout. Your life and it can never go the other way then. So does, the items. You purchase, with your wealth have, to always, inflate. A little bit in prices and that does it make some sort of sense the issue with that is that is not really what's going on see what's. Going on is that the middlemen or well the Federal Reserve's really the people that can inflate, the fiat currencies, have. The power to steal your purchasing, power, let's. Take an example I feel like I need to explain this if there's only a hundred bills in circulation a, hundred bills in total in this example let's, say you have the hundred bills that, means you can buy anything, in the world that you have all of the purchasing power in the world if the bank then decides, to print another hundred, they. Have. Effectively. Cut your purchasing, power in half you, can now only buy half as much for, the hundred dollars then, you could previously, that is the dangerous part that is why people see such an immense value in cryptos, because. Spit. Coin. Bitcoin. Because. Bitcoin cannot. Be inflated they are say cap they said limit, - I believe it is 21, million bitcoins. And they can never be mined a second one and. This. Kind of leads me into my second, misconception, the. First one being is it a bubble where, my answer really is it is a bubble, until. It actually takes, over the financial, system if you see. The interest in that and most, people will like as soon as the next bust cycle, happens, everyone. Is going to jump on crypto because, Kryptos will not lose their value there is no middleman, there is no government that can inflate, that value, take Venezuela, for instance - well I saw a sixteen, hundred percent, inflation rate this, year, that. Is insane, you have you could have worked for 50 years put all your purchasing power all your wealth into this Venezuelan. Currency and, then within 48 hours boom, all of it is gone and you can go down and spend millions, and, buy what a loaf of bread no. One can keep up with that and it destroys, lives so. As soon as people understand, this distinction, no, one is gonna want to use the. Fiat currencies, anymore the average lifespan of, a. Currency is roughly, 27. Years and this is a very dangerous thing you need to keep that in mind because the, banks, and the people who are making money on the current economic system or the people who have money the current economic system are not, interested, in this happening, so, they kind of have to debunk, it or make it sound like their tulip. Fever in the 1600s. That oh it's, gonna be a bust, it's a bubble it's no it's never gonna work out with me more or less deeds match, tulips. But that's the one example you can come, up with them any significant, and of course we know how that the tulip bulb.

Which. Was with a catastrophic fall of course now if we try and work out some of the possible reasons that could justify, this huge, run-up in bitcoin Yun that you kind of point to in the article is of course the unprecedented printing. Of money that we have had that. Many thought would either lead to a spike in inflation or gold prices clearly, inflation hasn't spiked, is, that a possibility, that that could explain this and it's just that this is the currency or commodity, that is reacting to that huge, wave of money there's certainly, something, to, that yes, although. I'm still not clear why you wouldn't just make it gold, which. Has worked very well when have you've been worried about, the basement, of paper currencies, in the past and gold, of course for the last few years has done nothing special. At all I think, where it does fit in and, I've been getting an awful lot of feedback about what I've been writing obviously where, it does fit in is it fits with the mood of radical. Distrust. In, central, banks and I can't blame people for feeling. Distrustful after the last 10 years and in, government's, more broadly there's this very exciting, possibility. That this, fits in with the notion of a world without, governments. And, if you are in a stage where you really don't trust democracy. Let alone central banks there's something exciting about Bitcoin, that, it. Was misconception, number one misconception number, two is that it's a bad thing even, if it is a bubble because, it really is when you think about any, system. Any store. Of value in, this world it's, it's, effectively, a bubble, housing. Is a bubble, the, internet, was a bubble it is still a bubble everything, that has value, has, to be a bubble, it has to be inflated, because demand. Is what drives it supply. And demand is put, together in, this world, of scarcity I think, everyone knows what I mean, they're, simply going to be a connection between how much we actually have and how much we're willing to pay if it's easy to get no one's gonna put on a pail up for it when we talk about this bubble. As being a bad thing it is actually, because in, a Fiat system where you can get, into these boom. Bust cycles. People. Lose everything they have when, it goes bust. Misconception. Number, three. Is that. Miners, can take advantage, of the system there. Is a thing called bad miners, miners. Can, actually, attempt, to take over the system but, doing, that is by. Design, almost. Impossible. Because that, person. Or that community of, bad miners, needs. To take on the rest of the world and there.

Are So many they. Need to consistently. Beat out the rest of the world who. Are good miners and the, entire system, the entire reason why the. Equations. Keep getting harder and harder is because it needs to cost a certain amount of electricity to, run the algorithms, to, keep making the incentives, to be bad smaller, see. You. Get paid in Bitcoin, meaning. Your, incentive, to destroy Bitcoin, is diminished. You. Get paid a, fixed. Rate -, cannot, change, the rate they get paid you kind of decide the rate when you make the transaction, this. Does also once again diminish, the incentive, for the miners to actually, be bad because they cannot, control, the prices that, is, the. Biggest misconception I, see in newspapers, here in Denmark right now everyone, is talking about how oh. Satoshi. Nakamoto the inventor, of Bitcoin, or well crypto in general really he created, a lecture and we don't really know who it is it's an acronym it could be a group of people it could be a person, we. Don't really know and to be quite frank I don't really care because the whole argument that we don't know who it is so here's goes he's just gonna get super rich from this I mean he was the inventor I don't mind him getting rich I kind of feel like he deserves to get rich since he invented, the system. Just. Like every other system, ever if you invent something new you deserve to get. Credit for it and live. Off, of the monetary. Gains you should get from that when, we then talk about these. Bad, miners, that argument, really also goes out the window and, when it comes to people the biggest misconception I've, actually probably this should actually really have been number one but you get one out but. This is just a conversation okay, so now we've debunked the, bad miners, we've, debunked the whole bubble mentality. And we've debunked the whole tulip, fever oh it's, gonna bust thing not saying go short because I know Jim Chanos lives up there yeah yeah Bitcoin can tell hundred thousand dollars a Bitcoin before it goes down so it's not a advice. And what you do the next thing I want to talk about is the fact that Bitcoin can be used to do illegal, stuff, if. You actually look at the graphs. Bitcoin, is not. Number, one when, it comes to buying, guns, or, drugs or. Anything because, most of the people who actually use Bitcoin. To finance, their illegal activities, make. Sure that there's actual. Proof, in the blockchain that, they have done something illegal at this time. There's a timestamp, and there's a transaction. Number and there's an amount these three things will be in the blockchain forever, this. Is why. Blockchain. Technologies. Are way, way way better at actually. Catching, criminals, once. They use, crypto. Currencies, to finance it if they had just used cash there. Would be no, way of tracking it if we didn't know the individual. Number on all of the bills abused. Encrypt. So if, you know something, bad has happened you, can go back in the blockchain and check, so. Doing, something illegal in, Kryptos it's like. Putting. Up a sign where, you committed, the crime saying. The. Person with this responding. Number, got. This at this time to, do this at this point and, yes you can't really see why they got it but trust. Me accountants. Will not have any trouble. Putting. Those things together so doing illegal, stuff with cryptocurrencies, or Bitcoin in general is really stupid that's, also the dumbest misconception, I would probably be a little bit harsh and say, the. Next thing I really, feel just. Boils. My blood whenever, someone says it is that, Bitcoin. Itself. Will. Win no, matter what because. Of all of the things I just said that. Is simply, not the case see. Yes. It is true that I believe that a cryptocurrency, will, take over the economic system, at some point simply. Because of all the benefits I can transfer money to everywhere. In the world with no wait time and almost no fees compared. To having to wait about 14, days and. Almost. 10% in exchange rates and transfer, fees and bank transfer, fees and, there's, just. Immense. Amount of, wasted. Efforts, going, into the existing, system when it comes to exchanges. And transfers. And, the, entire middleman, business, really is obsolete, today because of this crypto, because. Of the possibilities, the crypto really offers so, I do see a cryptocurrency take over at some point but that it is going to be Bitcoin simply because it's the most famous one it's just not the case we don't know what crypto, is gonna take over, it could be aetherium it could be like coin it could be dogecoin. For whatever manner thing it could be any, coin, because. Making. A cryptocurrency is, incredibly, easy I have actually created my own I can output it I'll. Put it here I call, it the our coin I created, this in, probably. Half a. Day it does, not take that long this of course is missing the whole mining, bit like I need, to actually have the computing power to run all of these algorithms but, and the algorithms, keep getting harder and harder but, this is essentially, all the blockchain needs, to have to function so they really can't there's no killing the concept, even if they outlaw Bitcoin, or cryptos in general they're still really no stopping, it because it's a decentralized system you can't it's, like the internet you can't turn off the internet like that, and even, an EMP, wouldn't, stop Kryptos because you can actually make transfers, on a piece of paper you don't need the internet or electricity, really, you, just need it, would take a lot more time, to run the algorithms, but you would still be able to do it so we don't know that bitcoin is so going to win a lot of people are assuming that it's Bitcoin or nothing, bitcoin, is actually, not in my opinion the most attractive one right now yes.

Now. I'm talking Danish as well I have. This entire set up it's. Been working wonders. So. Well in fact that, I've been rambling. For 35. Minutes and now it has no more battery I, am. Outside, where, I'm gonna have the meeting now it's in this building right here I really, wish this was all that has gone wrong because I also tried to fly my drone which. Was impossible because, apparently, the gimbal, got, damaged, so. This is the only footage I was able to get I. Don't. Know what I've done to deserve this, but. I don't think I can blame the banks ah. To. Be continued, I guess.

2018-01-01 04:51

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Comments:

Hopefully DOGECOIN will make it too :D (*Biased comment :-D )

I like what you are doing but a bit too much nothing . Try editing a bit more of the empty stuff and try not to say long sentences , keep statements brief and to the point

It would be great if you can also make a video and discuss about other Cryptocurrencies like Ripple which are not minned. Do they defeat the purpose or is it still a good use?

They do defeat the purpose of cutting out midlemen, but could be a great example of how government run (fiat) cryptos could function in the future :)

monero is the future

Why do you think monero is the future ? :)

Congrats on your excellent channel Jonas! Subscribed a few days ago. Top marks for content, style and execution. It was fun to hitch a ride in your car through Danish countryside. Hope you continue in this manner. I Intend to check with you often. Greetings and wishes for your continued success in the year 2018 from Edmonton, Canada.

Thank you very very much Peter :D too kind! Hope you have a great year in 2018 as well :D !!

You make great content! I throughly enjoyed this! Keep up the good work!

Thank you so much :D and happy new year !!

I agree it will never go away but because it's so easily created it can lead to doubt in it's perceived value and could possibly lead to the end of crypto currencies. Is it possible to build a program that seems to run like a crypto currency but it actually be a scam in some way? Idk a whole lot about it but it seems like all that needs to happen is for doubt to be instilled some way with the idea of crypto currencies and they will become another dead currency. Of course I support a reality were currencies are no longer relevant so I'm bias in that I have no faith in any monetary system. Like the video and the format.

It is very easy to create a "scam" as you call it, but almost all scam earn enough money to run away already after their initial ICO. This is the main reason why only buying the top 3 or top five most relevant cryptos is the only real serious way to go. (The top 5 is so big the monetary gains would have been cashed in long ago if it was a scam) :) Great comment!! I really enjoyed the train of thought!!

i love this guy, the way he talks, its like a proper conversation, hes going to blow up one day

Too kind!! Thanks for joining the conversation :D

Personally I agree with Obama's views on cryptography, it is troubling to keep systems behind completely unhackable walls but in my opinion that is why blockchain technology is completely transparent! Let me know what you think! :D - and thank you so much for watching!!

+James Brooks Very well put!! The twins would be proud :D

The main movement for bitcoin is technically against the government. It is about financial freedom from government corruption and to empower the individual. That is way it is so big. It is changing money how the internet changed information. By decentralizing it. It is not a bubble. That is my understanding of it.

Just recently found you and have been watching some of your recent videos and now after this video here, you are already one of my Favorite YouTube channels. Notifications turned on for every future video of yours, great content and conversation (:

+Joshua Boy wow!! Thanks for the kind words J!! I'll do my best to live up to them :D

...Bitcoin has forked 3 times so far,.... how many more,......... ?????????? ...and yes the banks are all corrupt beyond imagination.

gemini232003 bitcoin never fork. That are other people that make a fork on the name of bitcoin :)

Because we don't know which currency will prevail, I suggest investing a little amount in many of them. (Like 20 or something). If one of them blows up it will repay the 20 others easily

+Kevin Deschênes completely agree! Top 20 is a safe way to go, but I think top 5 or 10 would do as well

misconception: teeneager that are still trying to understand the world can tell us how the world works. we can choose the fee for miners ah? BS! you'll get your trnsaction stuck forever

+Sergio Marelli that is honestly how the system works.

Insanely good breakdown. Well done sir! You should make lectures about this.

+Jakob Andersen wow! Thank you very much :D

Haha ;)

Thank you very much for the feedback, I will keep it in mind :)

Hey, Jonas. I agree that in a very long term perspective (50-100+ years) BTC might not be the most important crypto. But right now, and as for the next 10-30 years I think it will be. The reason are these: BTC is soon reaching 10 years of reliability. Pros: - 1st mover advantage - Most known - Fastest growing (in the means of devs and reputation) - Most secure way to store your wealth (based on hashing power and market cap value over time) - Deflationary, lowest circulating supply - Most developers, most brainpower - Tech building upon an existing infrastructure which will make most other alt coins obsolete - like Lightning Network, SegWit, Roostock, Testnets, Atomic Swaps etc. (Fiat was a tech built around other value assets like property, real estate, gold etc.) Cons: - Scalability (if LN and SegWit will fail), then you might see BTC only be used for really high priced assets, and not really as often by ordinary people who might need to turn to other cryptos. - Needs more ease of use and user friendlyness - Needs to get even more developers and brain power - Needs people to realize its portential and tech without getting distracted by FUD and scam coins - Needs people to understand inflation more, and how the money printing is ruining lives of ordinary people Bitcoin is proving that it can withstand time and attacks and still remain on top (and still grow), which makes it one of the best stores of value there is to day. Therefor you can argue that it gets even safer the longer it remains in command, even though prices go higher. If people will find a way to store wealth, they will go for the safest. Security is also a big driving force when it comes to adoption as well, even though some other coins might be "faster, cheaper fees etc". Would you store your wealth in a secure, but hard to use vault for a long time, knowing its safe and still there when you open it again(even paying a yearly fee to keep it there)? Or would you put your wealth in a wallet which is easy to use, you can carry it around and easily access your wealth at all times, but you can get robbed and loose your wealth?

I thinks it's quite possible that there will be no single cryptocurrency dominating the market. As long as transfers between different coins remain quick and cheap, we may end up with a whole bunch of them, and the funds will be pretty evenly distributed among a number of coins. It's also safer to keep one's eggs in many baskets, especially when technology makes it convenient.

Completely agree! :)

gemini232003 everone can make fake versions of paper money like the dollar, just like they can make fake versions of bitcoin. Why dont people accept fake versions (like bitcoin forks and fake paper money)? Because we as a social collected group assign value to the REAL thing. This gives it incredible potential.

Kevin Deschênes your safest investment is btc. The others are higher risk but can yield greater returns to add more bitcoin.

If I project 200years in the future I see the aim of a well functioning society should be to increase the amount of freedom it allows to its citizens and banks are just barriers. We are aiming at stars, we should probably come more together as one planet!

"I'm a lucky soul. I am determine to recommend this to everyone, I put in 10k USD into bitcoin with the help from Chris Dunn strategy, when it crashed to around 12k USD. Doubled my money in a little over a month. Took out the profit to pay my two credit cards and a small loan. A rewarding leap of faith which could have gone south too. please contact... chrisdunntrading@gmail.com'' He also has a you tube channel

Hey Jonas, great channel, just subbed! Just one little nittpicky thing; you should work on your sound levels, the volume isnt balanced out I think; the beginning is quite loud compared to the part where you start talking for example.

+Scrat Von Acorn Thank you very much! I will definitely keep a closer look on that next time, because you are right! I have been having some trouble with that lately, but hopefully it's fixed now :)

How does the loss of Net Neutrality affect these currencies?

I love the fun, relaxed  and conversation style presentation. And the content is rich too! Well done Jonas.

+Kunle Osinuga Thank you Very much! :D

+Bonnie Poole it honestly doesn't:) and it's only in the states, so it'll be very limited what impact it will have on the world at large :)

Hi Jonas, I need to learn how to invest in crypto currencies. Can you point me in the right direction? Thsnks

Jamie D is the fraud. Always has been. He called it a fraud and then bought after it crashed after the bogus China news. There will be fraud games all the way past unimaginable numbers. The internet was not understood for YEARS when if first came out. We are seeing the same ignorant talk with cryptos now. As for the bubble, Greenspan called the stock market bubble FOUR YEARS before the the peak of the internet run. This run is NOTHING to what will be here in 2020.

Well said!

Dear Jonas, I honestly do believe you deserve a much wider audience. I hope your channel grows fast and you don't give up till that happens. Best of luck!

Please help me understand this: You say there is a finite number of bitcoin, so inflation isn't a thing. But what if after the next crash of Bitcoin, there is an overwhelming trend to mine and invest in some other currency like Etherium. Isn't that inflating the Bitcoin currency? If the marked just decides that public trust in Bitcoin took to many hits an you can make more money speculating with a new, easy to make currency? There even is a big incentive for those who are making money in this market to let one currency die and hype a new one. What am I getting wrong?

@James: That's the promise of this technology and I really want to agree with that. It is how this all got started. But personally I doubt it is the main movement of what we see at this point. I would say the reason it goes through the roof like that is, that you can make a quick fortune .... in $$$ ... thats the goal of many. I have just watched a few random mining videos and they all tell you how much money they are making. Those people don't believe in the technology, they believe in gambling. (And thereby ruin the usability of this awesome technology. -.-)

Well, what I meant was not inflating Bitcoin itself, but its value.

The short answer is no, mining other cryptos wont inflate bitcoin :)

My bet is Ethereum due to smart contracts.

All the others are working on implementing similar concepts :) But you might be right !!

Rofl! They compared it to tulips? A flower that is infinitly reproduceable?! Lol... rigggghhht.

Bitcoins are “Gold”???? The writing on the edge of the Bitcoin art says 999 COPPER!!!! Look at the coin artwork the upside down 999 becomes 666. It is gives TROY as a clue. Remember the TROJAN HORSE. People admired the Trojan Horse and they invited it in and it destroyed them!

“Bitcoins, Blockchains, Labyrinths and the Mark of the Beast” https://youtu.be/CY5zeVDX3xg

How do you exchange Bitcoins ,etc for goods and services do they have any utilitarian value?

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