Bitcoin is down by 45% from its all time high 2 months ago.
Countries around the world are banning crypto exchanges and banks are blocking people trying to buy crypto.
So what's going to kill crypto? Will it be Governments afraid of losing control over their monetary policy and taxation?
Will it be banks and the financial establishment who will block people from accessing and buying crypto?
Will it be legislators who will pass laws making cryptocurrency illegal or imposing financial penalties?
Well I actually think it'll be none of these things.
I think that crypto is going to kill itself and in this video I'll tell you how.
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Countries around the world are banning crypto exchanges and banks are blocking people trying to buy crypto.
So what's going to kill crypto? Will it be Governments afraid of losing control over their monetary policy and taxation?
Will it be banks and the financial establishment who will block people from accessing and buying crypto?
Will it be legislators who will pass laws making cryptocurrency illegal or imposing financial penalties?
Well I actually think it'll be none of these things.
I think that crypto is going to kill itself and in this video I'll tell you how.
๐ต GREAT INVESTING APPS I USE
SIGN UP FOR ETORO (Global)
https://med.etoro.com/B15358_A95689_TClick_SSasha.aspx
67% of retail investor accounts lose money when trading CFDs with this provider. Your capital is at risk. Other fees may apply.
GET A FREE SHARE WORTH UP TO $150 WITH STAKE (UK, Australia, NZ)
https://hellostake.pxf.io/qnA3xq
You will get a free share if you sign up using this link and deposit a minimum of ยฃ50.
GET A FREE SHARE WORTH UP TO ยฃ200 WITH FREETRADE (UK ONLY)
https://magic.freetrade.io/join/sasha-yanshin
You need to sign up and make any deposit to get the free share.
๐ SUBSCRIBE TO MY CHANNEL
https://www.youtube.com/c/SashaYanshin?sub_confirmation=1
DISCLAIMER: Some of these links may be affiliate links. If you purchase a product or service using one of these links, I will receive a small commission from the seller. There will be no additional charge for you.
DISCLAIMER: I am not a financial advisor and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.
Hey guys, it's sasha bitcoin is down by 45 from its all-time high two months ago. Countries around the world are banning crypto exchanges and banks are blocking people trying to buy crypto. So what is going to kill crypto? Will it be the government's afraid of losing control over their monetary policy and taxation? Will it be the banks and financial establishment who will block people from accessing and being able to buy crypto? Will it be the legislators who will pass laws, making cryptocurrency illegal or imposing financial penalties? Well, i think that it'll be none of those things. I think crypto is going to kill itself and in this video, i'm going to tell you how just so you know i am a mathematician and i love the concept of crypto.
I am a huge fan of decentralized forms of currency and i'm also a fan of some of the newer applications, such as smart contracts, because they can solve some really big problems in the world, and it is exactly because i am a huge fan of crypto that I really wanted to make this video. I am not the sort of fan who picks aside and blindly follows without applying any critical thought or being able to criticize, and when i see things that are really bad. I do not want to turn a blind eye and i think if more people did the same, the future of crypto would look much much brighter, because here is what's actually happening with crypto. At the moment, a small number of crypto projects, starting with bitcoin itself, are out there to challenge the establishment they're there to create new concepts to solve new problems and to drive innovation, all amazing things.
But unfortunately, the vast majority of this space is a load of hot air, get rich, quick schemes, scams and ponzis, and if you love crypto - and you really want it to succeed, you really do have to look at it. Objectively. We have thousands of pointless tokens created all the time with the sole objective of scamming people, with a pump and dump scheme, a rug, pull or a ponzi scheme, or something else some of these to pretend to support charities. Some of these tell you that they're out there to help children.
Some of these will tell you that they're going to support poor countries there's a whole load of stuff out there. Others will pay celebrities and influences to promote the scam to their followers. This is bad. This is really bad.
This is bad because it impacts public perception. It impacts the media coverage of the curricular space in general, it impacts regulatory opinion, and none of this is going to help crypto in the long term, and the problem gets even worse when anybody tries to call these things out. If you point out the fact that having a ton of scams within the crypto community is a bad thing, the overwhelming response you get is fud. If you dare voice a negative opinion, it is immediately discarded.
It is not relevant fear, uncertainty and doubt are not wanted too many people within the crypto community would prefer to keep the blinkers on and ignore an opinion that in any way challenges the thing that they hope will make them rich and that right there, that is, The big problem, when you ask someone why investing in crypto in general or any particular specific kind of crypto, is good you'll hear a huge long list of benefits. Crypto is decentralized, governments don't control it. It is anonymous and incredibly transparent. At the same time, crypto can create deflationary money or money that is only driven by market forces and not by monetary policy. It allows people to transact value all over the world without expensive bank fees. All of these are noble and really great reasons, but if people are honest, the vast majority of people investing in crypto at the moment are not doing it for any of those reasons. They're only doing it for one reason and one reason only to get rich, quick. The majority don't care about all the long-term benefits or the problems that crypto might help to solve.
Making a lot of money fast is the only goal and naturally enough that either ends up in a big disappointment and in the vast majority of cases it will end up in a big disappointment or the fast money is made at the expense of some other people Who get to experience a disappointment instead, and the problem is that the crypto community in general does not see a problem with this. There is an overwhelming view that this is all okay, that's just crypto. That's just the way that the world is people condone it. Nobody wants to call this out.
The community almost supports this, and crypto is going to suffer a lot. While this condoning and partaking in scams continues, nobody seems to want to solve real issues like building effective transaction processing or some kind of an aggregating layer to sit above the bitcoin blockchain, so that that algorithm can solve the capacity issue. Nobody cares about that. Instead, people are driven by greed, everyone wants to go and set up their own crypto, their own blockchain, their own smart contract, their own token, their own, something their own way of making a load of money by being the first person in by being the developer, who Just goes and copies in most cases, some other random tokens code and then promotes it so much everywhere so that they can go and get enough people in to drive the price up, and here is the result.
12 years after bitcoin, first launched crypto still has almost zero real world use or application 12 years outside, maybe three coffee shops and shortage. I am exaggerating slightly, but you get the point. You can still buy nothing in the real world with crypto. It hasn't got any real use.
We haven't figured out how to actually go and begin using it in a way that adds value. The value of crypto continues to be hugely volatile, despite bitcoin having a 650 billion dollar market cap, and it is still impossible to use it as a genuine means of transferring value because of this volatility. Who would want to go and earn a wage in a currency where their earnings may lose 20 percent or more in value, while they walk over from their job to the shop to buy food? The biggest problems for crypto are coming from the inside not from the outside, and if the crypto community doesn't wake up and doesn't proactively try and clean itself up, this will kill crypto far faster than any government, any bank or any legislator. And if this goes on for too long, public and regulatory perception of crypto can cross the invisible line. Remember it is that public that will ultimately decide the fate of crypto by adopting or not adopting it, and the never-ending stream of negative news that pours out of crypto every single day is definitely not helping if this continues keeping going in the same wrong direction. That negative association that negative perception that people have with the world of crypto is only going to accelerate and then we'll see complete bans on crypto coming in we'll see heavy levels of scrutiny and will start towards a spiral into marginalization. Crypto can push itself to a point of no return and if it does return that road may be a very, very slow one. I hope you guys found this video useful.
Please please, if you did, go and hit the like button to help me out, because i am sure that i'm gon na get a ridiculous number of people hitting the dislike, which funnily enough, will only prove my point. Thank you so much for watching. I really really appreciate it as always i'll see you guys later, you.
Sasha I get your point that there's too much retail herd in crypto and utility issues for payment but crypto is more than just a currency; there's many utilities which are growing e.g. Staking, Lending, Borrowing, NFTs, Exchanges, Store of Value. Basically Defi.
NFTS. Clearly you are not a fan of artists getting paid for their craft, only getting ripped off by multi-national streaming services like Spotify. Art = no value in your world, and that's a world I don't want to live in personally.
c'mon man. this is load of bs. you are generalizing. greed is not what I feel when my currency is going down by 30% a year…you should be ashamed of your ignorance.
So btc is down 45% cuz of meme coins and ponziโs and not because of the people with the strongest positions in it that really make a difference in the day to day price,or china banning miners etc etc ๐๐๐๐๐๐๐๐
Just for the sake of correction: If you have a Binance Visa card (or another exchange card) you can in fact buy things with crypto.
Totally agree on this.
Personally I am a huge fan of DeFi projects and their potencial to change the financial status quo. My favourite holds are Ethereum, Polkadot, Harmony, Algorand, Solana and Cardano, mainly because they have good developers behind them, clear and detailled road maps, I know how can they be used in real world and I make daily transactions on some of those protocols every single day. All my holds (except ETH) are on staking, not because I want to get rich but because the staking rewards are a good extra source of cash that complement my salary.
Unfortunately, there are a lot of scams that are simply source code copies of other projects codes, with shady development teams, no practical use in the real world and with their holders are blindly devoted to those projects like real cult members. My biggest concern is that when those scams finally sink and millions of people lose their money, regulators will come not just for the scammers but also for the legit crypto-projects.
Where people are focusing on only external factors that will ban crypto, so true that the rot is happening on the inside actually!! Great video
The point about utilization even after 12+ years points out the issue by quite a large margin. Would you agree that you really cannot have a coin (doesn't matter which one) that ultimately can be 100% decentralized in order to satisfy every party e.g. governments, financial institutions and the public etc?
Iโm inclined to go with Raoul Paulโs view on the โexponential network ageโ – for now.
Yes – we need fiat money to buy things. That eventually will be digital under surveillance and control by a central bank.
Gold and silver remain to be a value store of last resort. But cumbersome to hold in person.
So at some stage I can see worldwide currency wars between the banksโ digital and the rebel crypto currencies.
If I were to guess – probably in 3-4 years time.
What do you think about xrp- already being integrated into the financial system- faster payments and really fast
I've been talking about this in the comment section since your first few videos when you still refused to look into Bitcoin.
Crypto will die and this is a good thing. It is all scams, all penny stocks, projects controlled by small teams that are in for the money. Crypto is not decentralised, not private, not secure, not censorship resistant.
Only Bitcoin is.
Bitcoin is created by the people that invented the internet. They created Bitcoin to make the world better, not to get rich. It has as fair distribution as you could possibly get and no other project after it could achieve that immaculate concetion because of people's greed.
Just like you only need one internet and you can build everything else as layers on top you only need one blockchain and the Bitcoin one is the most secure and decentralised. You can have smart contracts on top, you can have messaging apps and whatever else you need. It just takes develipment.
But most projects prefer to launch their own token so they can print tons of it for themselves for free and then abandon the project after they get paid upfront.
Don't be like the scammers, don't put Bitcoin in the Crypto category with all the scams.
They are so very different.
Cheers.
p.s. Bitcoin is inevitable.
I was buying Bitcoin miners from Bulgaria and power supplies from Scan in the UK using Bitcoin when the bank/visa refused to process my transactions. It had anti-censorship and zero exchange fee real world use for me.
I think we should tell the difference between stable coins, Bitcoin and smart contract like coins. I believe there is huge potential in stable coins and DeFi products created by ether and other platforms. It is value creation.
Why are you so negative and impatient? do you expect a new currency to unseat fiat in a matter of a few short years? Centralised finance is set to be disrupted what do you expect? this isn't some cottage industry ๐
Bitcoin (not the other shitcoins) is at the stage now where it has huge institutional adoption who are looking at the asset as a store of value / inflation hedge, some of the biggest banks and billionnaires are buying and talking up bitcoin. When it comes to using it as a currency, we have nations, starting with El Salvador making it legal tender and airdropping every citizen $30 dollars worth, if this is successful other countries will surely follow. Your argument that a lot of shops still don't take it after 12 years, so therefore it's missed its opportunity? it's a lazy one to make, things don't happen overnight.
Do you personally have a strong conviction that Crypto will fail completely?
I think you're spot on. Crypto is great for short term money making, but as time goes on it will eventually destroy itself from within for the same reasons mentioned in this video.
Mainstream will die, the regulars will continue and a new generation will take over once more.
I've always acknowledged the risks involved with crypto since day 1 so I made a conscious decision to never invest my real money into it. But I still wanted to be involved with crypto to some extent so what solution did I come up with? I started mining it, I make enough money mining bitcoin to pay my rent (300ยฃ/month)
I'm happy with what I'm doing, I can trade a little too and I don't feel like I'm risking my job's income in something with an uncertain future.
The reality is nobody knows, crypto to me it's like gambling and I agree with a lot of the points you made in the video.
As someone who has a fair bit of money "stuck" in Crypto, I really enjoyed your video. Great content as always..
crypto will never die…… But most crypto projects will. Governemnts can't crack down on a lot of coins. XMR being an example.
I mean, we do have a pretty big use case for crypto – for the dark web of course!
Another sensible and thought provoking point of view video. I tend to agree with most of what you said, especially the bit about 12 years on and still Bitcoin has no practical use. That said it's hard not to get a little fomo about crypto, especially regarding the few main established coins. Don't understand it, don't use it, but don't want to miss out, lol. BTW I do agree with the comments about the title. Any title with 'DO THIS NOW' will annoy me. Keep them coming Sasha, enjoying your work.
I wonder if solutions such as zksync will go places, basically solves the transaction scalability problem for Ethereum
Everyone while this FUD goes on Rich people and institutes buy BTC and load up….average people will lose out… itโs up to you if you want to buy crypto or not.. crypto like BTC gives people chance to be wealthy and take control of your finance it does not discriminate you Becuase you have bad credit score…
Buy some BTC and crypto with utility and put it away one day you watch what happens.. you wonโt need good credit score
Sasha, very true points, but people treat stocks the same, fx, commodity. No one cares about what you can do with it but more what you can earn from it. Crypto doesn't make sense to me and a lot of people because you can't do anything with it, yet. But if I can make money from trading it, well why not?
You are right I'm in crypto to get Rich ๐ค quick but I do believe in what I've bought (stellar lumens)
You only talking about pump and dumps . Crypto is here to stay , sorry . But we do need to be responsible .
I donโt agree , the pump and dumps will wash themselves out of the market . We also need regulation and a process to assess crappy projects . The exchanges like Binance and uni swap need to be accountable and police this and vet these projects properly !!!
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