I’ve written pieces that champion crypto as a great thing for the world. Every time I do though, I always touch on the potential issues with it. But whenever I do this, I don’t go nearly as in-depth as I could, or maybe should.
But someone else went deep on crypto’s problems.
A guy named Dan Olson, who runs the video-essay YouTube channel ‘Folding Ideas’ recently made a two-and-a-half hour video that absolutely shreds crypto-enthusiasts. He does everything but call crypto 'The Devil,' pretty much.
But despite how harsh he is on defi, this video isn’t the ‘ravings of a lunatic’, it’s a relatively clear-minded, rational, well-researched look at crypto, NFTs, and DeFi, with a lot of valuable perspective woven throughout.
Yes, Mr. Olson has a massive anti-capitalist bias, and yes he gets pretty heavy-handed at points, but none of that really discounts the points he’s making, the research he’s done (sources listed in video description), or the pitfalls of crypto he’s spotted.
I don’t often sit down and watch 2.5 hour videos at 1x speed, giving them my full-attention, but I felt compelled to this time, and I’m not the only one.
Folding Ideas’ usually gets about 500k views per video or so, but this crypto ‘hitpiece’ got six million views in under a month. It went absolutely viral. Many people have something to say about it (and you might too.)
And I get why, because this is literally the best anti-crypto video I’ve seen so far. If you decide to watch it, I suggest tempering your expectations. It’s not perfect. In fact, it’s pretty inflammatory, accusatory, and doesn’t show much empathy, but it clearly took tons of work to produce and makes huge inroads into why crypto might not be the savior many enthusiasts make it out to be. It should at least generate substantial food for thought and make people think twice about their own level of crypto-enthusiasm, at least for anyone open-minded enough to give it due consideration.
Now, I could’ve avoided watching it since I like crypto but I love informing myself of different perspectives and what the ‘other side’ has to say…
...and I’m not big on echo-chambers.
After watching, I tried to find a coherent rebuttal to Mr. Olson’s, uh, ‘ crypto-hate,’ but most of them amounted to something like this:
Yikes.
“Bitcoin is the 1st example of people collaborating to a common goal”
Say what now?
Straight up, kneejerk replies to a well-reasoned two-hour thinkpiece by a team of people who truly care about making a case against crypto… don’t make the crypto-community look too bright. I was hoping to find better.
Now personally, I still like crypto and see it’s value. I still expect it to cement itself further into society as time goes on. I’m not instantly convinced by Mr. Olson’s arguments. But I don't dismiss them either. I do find them to be worth consideration and thought, and I’d love to hear counterpoints.
So I’m posting this here, hoping that some bright, rational crypto-fan has a true, honest, well-considered rebuttal to Dan Olson’s video. If any of you are willing to watch it fully, beginning-to-end, and avoid jumping on Dan’s clearly anti-capitalist bias… I’d love to hear reasons why crypto, NFTs, and DeFi aren’t the ‘devil’ he practically makes them out to be.
Any takers?
In particular, I'm interested in @theycallmedan ‘s , @taskmaster4450 ‘s , and @danielvehe ‘s takes, (but I understand if they’re focused on other things), and really I’d love to hear what any crypto-fan thinks of Folding Idea’s video.
Either way, thanks for reading, commenting, sharing, voting, or even skimming. I appreciate you and wish you a great day.
Much love,
-J
Well, @ryzeonline what I will add to what others have said before is Crypto is a revolution to traditional finance that the world has used for centuries. It buttresses the point that my dear Man Of God, Pastor Chris always said when he told us a long time ago and is still saying is that: "There's no such thing as money, it only exists in the mind of the poor."
The thing is, who is in control and what is his agenda?
And definitely, the influence will go to the one with a bad agenda than to the one who has none, even if he has a good heart.
Well said, @sapphirekay and I agree on all aspects you covered here. I guess we'll see, and time will tell. :) Wishing you a great day! 🙏
Yes my dear. Time will. But we can only pray for the best always. Have a splendid day too.
😁🙌🙏
💪💪💪
Money itself is the devil. Or rather the method of "wealth distribution". If wealth distribution would be properly done, then there would be no need for cryptocurrency.
That's possible, thanks for sharing your perspective. :) 🙏
I will try to steal time and watch it. It is good to know all the different opinions and arguments
!BEER
I felt the same way. Someone put a lot of effort into sharing his opinions and arguments, and I wanted to inform myself and know about them. Thanks for the beer and comment, I appreciate you. I'd love to hear what you think of his points if you feel like sharing when you're done watching. Wishing you a great day! 🙏
Thanks for sharing, it's a good read on a subject im interested about.
!PIZZA
My pleasure, I'm glad you're interested in the subject, thanks for the comment and the pizza! :) 🙏
wow how honored I am to have been tagged together with these two greats of Hive and cryptography.
I will watch the video on Monday for sure. Your introduction made me too curious. I have to confess that I was expecting a summary from you with 40 thousand words and I was disappointed (This time I was looking forward to it) XD
I understand that you didn't do it because it could detract from the great research work that you mention the producers did and that the most sensible thing to do is to analyze the original and get the information first hand.
Thanks for this that surely contributes to the debate that we must keep alive for the evolution of cryptocurrencies. Just at this moment I am rethinking several ideas and reviewing other approaches. I hope to write about it soon, best regards
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It seemed like something you'd be interested in, so I tagged. :)
Haha, when they expect me to write long, I write short. Booyah, surprise! xD
And you're right, I couldn't possibly do the piece justice, he did the work to make it, and it deserves to be consumed in full first-hand, not summarized by me, imho. I'm glad you understood that and mentioned it, thank you. :D
I agree, it definitely contributes to the debate and evolution and it got me to think deeper about my own crypto-enthusiasm (I still love crypto though, hehe.) 🙏
There's a huge difference between technical and the human factor. We see that time and time again with technical in the stock market. If they did a video on the stock market we would see equally if not more corrupt and totally broken that system has become.
It still dumbfounds me why people are so objective to crypto in general when it's the single thing that is allowing them to regain freedoms that have been taken.
I agree with you. And the video-author seems to as well, as he actually makes a similar point to you, pointing to the prime-mortgage bubble with the banks, investing in stocks or venture capital, and crypto as well.
Even if I'm pro-stocks, that doesn't mean there aren't relevant objections to be made about them. Similarly, I can be 'pro-crypto' but that doesn't mean I dismiss well-made objections about it from others.
To me the whole issue is serious food for thought, worth considering, and I'd love to see an equally well-crafted video that's 'pro-crypto' and that rebuts Dan Olson's points.
Anyway, thanks for sharing, wishing you a great day. :) 🙏
Not going to comment on the video which seems to be from an anticapitalist perspective rather than a spiritual exploration but some say Bitcoin is a trick of the devil, following the hegelian dialectic of problem - reaction - solution and leading us into a trans-humanist future of digital slavery.
Fun fact: satoshi released Bitcoin on halloween..scary
Interesting, thank you for sharing. I've not heard anyone share that view explicitly, but I have detected elements of it here and there. I'm not sure how relevant Bitcoin's release-date is but that is an interesting sync or coincidence, lol.
P.S. I'm not sure if you read my post but I did explain that the video is clearly anti-capitalist (the author doesn't try to hide that fact), but that value can be gleaned from his points regardless of bias. Wishing you a great day! 🙏
Ayyyy, much appreciated! :)
I'm trying to watch it but... so far all his arguments are just the same old tired nonsense that I've heard 100 times before. If I make it through the entire thing I guess I'll have to write a post on it :D
It's so easy to forge arguments against crypto. All you have to do is ignore the big picture and bitch about everything wrong with it. No one that makes these videos has any idea where this is going. All they want to do is complain while offering no solutions. This is an easy thing to do and very common with liberal politics. I know from experience.
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Most of the comments responding to the video on YouTube or twitter don't seem to see it as 'the same old tired nonsense' but, you of course have had your own experiences, and maybe you have indeed heard it all before.
I've seen lots of arguments against crypto as well myself, and had to 'defend' it to my own family and friends at times, even going so far as to write many thousands of words about it, but I've never seen a video this good arguing against it, and if you have one even remotely close to this level of quality, I'd love a link. :) 🙏
So far all I see are really good usage of manipulation tactics and distortion of the facts. Jumping timelines all over the place and focusing in on certain time periods that fit the narrative and are completely irrelevant from a global holistic unbiased viewpoint.
Sounds good. If you feel that's valid criticism, it'd be interesting to see you contribute it to the discussion underneath his video. :) 🙏
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Great post my friend 🤝🏾 certain cryptos are bad when the people who control it are devil's scammers and Thief's and very corrupt but I wouldn't say crypto as a whole is a bad thing it's just who controls it
I agree with you, I love crypto and see it's value, but there are some aspects that attract the corrupt, and that's worth considering. Food for thought, thanks for commenting! 🙏
🤝🏾 😎
Money isn’t the devil, it is the love of money that is .
I've heard others say that too, thanks for sharing. 🙏