Comments by "Tony Wilson" (@tonywilson4713) on "The Crypto Curmudgeon: Why Crypto Needs an Extinction Event" video.

  1. 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."
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