Joe Rogan: Crypto Was Always Pyramid Scheme
The Matt Kohrs Show
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The Matt Kohrs Show
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#JRE #Bitcoin #Crypto
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It was always a hot dumpster. fire. Um, always. Yeah.
I'm not going to say that it was all fraud. Some of it was a pyramid scheme. There's never been anything there. There was a little bit of a development over the weekend with Mr Joe Rogan bringing on a guest who said things about Bitcoin that really, really really piss some people off.
I would love for you to give it a listen and then I would love to get your thoughts on it. Um, Crypto? Yeah, it was always a hot dumpster fire. Um, always. Yeah.
I'm not going to say that it was all fraud. Some of it was a pyramid scheme. Uh, there's never been anything there. Uh, it serves no purpose.
It's not a store of value, it's not a meeting of an exchange. And as we have seen, if you want to decentralized and not under government control, it is a Haven for fraudsters. and now it is in the process of going to zero. You know what else is a Haven for fraudsters? Where a lot of money laundering takes place? Where a lot of illicit nefarious services are paid for.
You know what currency supports that? the US dollar. I'm so sick and tired of this argument of like Bad actors are using it. Do they use it? Yes. But that's the same thing with the US dollar.
There's also a lot of good people who are not doing anything wrong using Bitcoin using the US dollar. That is such a straw man argument. It's baloney except for Bitcoin which will probably go negative because if we're moving into our world with carbon taxes, you have to take into account the energy that it took to produce it in the first place. Side note there, if you actually look at the carbon like tax argument, uh, the energy use per value created and and this has been discussed in Congress to either the Senate or the House, some sort of congressional meeting per value created.
Bitcoin does not actually have that much expenditure. Do you know how many entire sectors would be crumbled if we use that same type of methodology of the carbon output? It just doesn't make sense. Well, that's certainly playing out with like FTX yeah. What Are you finding out that there will be more House of Cards Do you feel like that's just sort of opened the door for people to examine all of Crypto now? Oh yeah, absolutely.
It's like as soon as you have one of the big ones go down, it's just go down catastrophically within a week. Yeah, I mean just. there's no intrinsic value to this asset. There's no intrinsic value to this asset.
And I think out of all the things said in that one minute clip. Um, there's probably a lot of it that could be debunked. and I'm sure some of you watching this right now know far more about crypto than I do. But even when I can step up and be like that's wrong, That's wrong.
That's wrong. What's the intrinsic value of crypto? I Think there is actually quite a bit. but the thing I care most about is the fact that it is in fact a store of value outside of the purview of the government. Right now, we have the Federal Reserve at Central Bank and obviously there's many central banks worldwide who have such an immense impact on everything in your life. and at least in the US, we don't elect them the Federal Reserve deciding to step in and help during The Rona period that caused the market to rip city to the upside. that's all the FED Then January 5th 2022 until the end of this most recent year 2022, the sell-off was fed Reserve engineered. They went from quantitative easing to quantitative tightening and jacked up interest rates. These are the thoughts and opinions and implementations of people who have such a vast amount of power over our financial being and we don't elect that.
And to me, that is one of the main pillars of why we need something such as Bitcoin a store of value that cannot be screwed around with by the government or a central bank where they can just print things willy-nilly Um, so that's the thing that was definitely making it rounds this weekend. People got really, really mad, especially within the crypto. uh, sphere. Crypto Twitter blew up with this clip.
Um, so I actually would love to get your thoughts on it like do you agree with it? Do you not agree with it I'm not saying that this is necessarily like to be taken for all crypto tokens and coins like I'm saying specifically for Bitcoin Uh, right now I actually have a very big fear that outside of the world of Bitcoin, there's a good chance that all coined and tokens get absolutely murked by Regulators If they're defined as a security, it's going to be a painful Journey for them. But we already know that Bitcoins defined as a digital commodity so it's a little bit more safe. So when people right now ask me like, okay, where am I at in crypto it's like, well, if we look at risk, reward I Still like the thesis of Bitcoin and I also like that it's not going to get defined as a security. So right now I do feel most confident in Bitcoin I'm not saying I'm going to hold that feeling forever like I think the next one that like, maybe the government's not going to destroy, particularly the SEC The Cftc is Ethereum, but a lot of these other ones, they're going to end up getting defined as the security or they're just going to Crater Even before that, and the horrific actions that were taking place at FTX does not make the situation any better by any means.
Let me know when I can buy a gallon of milk with crypto.
Us currency is backed by gold
How do you calculate the intrinsic value? I mean, does't something have to produce cash flow to determine intrinsic value? This is what Buffet/Munger have been saying all along. For example, art or sports memorabilia, they don't produce income they may appreciate but only if someone is willing to pay the appreciated price. But the value in those cases is all tied to appreciation.
Bro does nobody remember that Bitcoin was literally the currency of the dark web until about 10 years ago? In 2009, if you wanted to buy drugs, prostitutes, stolen Intel, or a hitman, you paid with Bitcoin, when it was under $10
Oh the literal CIA guy wants to scare the little guy out of the market. SHOCKING!!!!
crypto, cash, drugs. what's the difference there all tradable & used for dark markets every day
Go pig go!
ATM's use more energy than BTC.
Eventually BTC mining will go renewable energy, simply because it will be cheaper. I don't buy that argument for a second.
Crypto has no intrinsic value. You are assigning value to a string of numbers generated by a computer without it being attached to a physical asset. That assignemt of value makes it valuable to other people because you traded money to get it at this point. So we are at the point where "it has value because it has value" is the argument.
A stored value that the government can't screw with. That's almost anything. Its water in the ground that you have rights to tap. Its a Mickey Mantle baseball card or Painting by Monet. A piece of shaker furniture thats in original condition or a mint Datsun 240Z There are millions of things that store value. If you believe in bitcoin, more power to ya, but I'd rather have that Datsun.
This is bullshit af lol
When the thumbnail notification popped up I thought it was You on Rogan! for a sec I was like yessss and ohhh no. Anyways I watched and agree Bitcoin is a sound investment for the future and Ethereum might get off the hook from the FCC but they are not in the clear yet. 💥Mmmoon g
What really is Crypto? It's a place where you put your money in that you could lose as real value into a computer program casino where if you are up you cash out and if your down you hold on…all based on what is happening with the economy. A Casino, not storage. The better question is what is this movement for? Only the rich and elite can put considerable money into this asset and manipulate it or hold it. It can make you rich or broke depending on the tide. I have 20k in crypto, but it hasn't been anything but risky. People are in it because just like a casino you can put a nickel in and make $1000 bucks on any given day. Revolutionary I don't think so. Intrinsic value? It's a gamble. It's basically the same system we have where different crypto is different countries. People can say whatever they want about it being outside the Fed or Central banking system but how do we know who created this. Billionaires know poor people will Hope to make free money and will spend their money like the lottery at the chance to get what they are wanting. I get that the US dollar has lost its intrinsic value when they print more devaluing what hardworking people worked hard to earn, but it's a traveling carnival that the rich are getting richer from and exploiting all the people wanting. They laugh at how they can create moving numbers up and down to trick people into the game
Peter Zeihan is a smart guy. Bitcoin is only defended by people who assign value to it.
Let's be real… that guy had some good points thoughout the interview… and to be honest. I would definitely trust a dollar in pocket being more valuable than the receipt of a token…🙄
If i was gonna invest value in something I would just buy actual gold bars
Impressed with your factual and informed take Matt! Bitcoin is unique- it is a commodity not under the influence of any government or company. With a fixed limit of 21 million units divisible by 100mil each.
I've been listening to Matt for a couple yrs now. He's always said that he's investing in crypto long term and that in 10 yrs he'll either be very rich or very wrong. This guy on Rogan may be right, still lots of time for things to play out.
High end real estate ( $10,000,000 + ) and art auctions of similar priced pieces are examples of money laundering ……. Look to see who is buying and selling ….99% of these homes are sitting empty …. Great way to put illicit gained $$ into cold hard cash ….yeah, then they buy BTC. Let’s find out who signed off on SBF jail bond for $250 million….. someone with big pockets ! Sorry it’s “confidential” ….who is protecting the criminals and why ? Hopefully MATT finds out 😊