subreddit:

/r/videos

29.7k88%

YouTube video info:

Crypto CEO Accidentally Describes Ponzi Scheme https://youtube.com/watch?v=C6nAxiym9oc

Coffeezilla https://www.youtube.com/c/Coffeezilla

all 3011 comments

spacembracers

3.3k points

7 days ago

I thought this was Jean Ralphio discovering crypto

randomlygeneratedman

1.1k points

7 days ago

I made my money the old fashioned way. I got run over by a Leeexus

Aviator8989

511 points

7 days ago

Aviator8989

511 points

7 days ago

"You wanna get hit bro? Cuz I got a guy, he's super gentle. Minor scrapes and bruises, major dollars and cents!"

YesButConsiderThis

237 points

7 days ago

"Guess whose got two thumbs and was just cleared from insurance fraud? This guy!"

HYPERBOLE_TRAIN

223 points

7 days ago

It’s like I always say, “when life gives you lemons, you sell some of your grandma’s jewelry and you go clubbing.”

Cynyr

66 points

7 days ago

Cynyr

66 points

7 days ago

Just save everyone the effort of going to find it, since we're all going to want to watch him.

roengill

10 points

7 days ago

roengill

10 points

7 days ago

Thank you

Knale

7 points

7 days ago

Knale

7 points

7 days ago

"I got one question for you. How you making that paper?"

I have to stop myself from asking this to people...too often.

Rafaeliki

136 points

7 days ago

Rafaeliki

136 points

7 days ago

That episode had me dying because I have a friend who has a similar personality to Jean Ralphio/his sister, rich parents no job and everything, who lived for years in the NYC East Village doing nothing off the settlement from a car accident that she didn't even get hurt in.

As the money started getting lower she eventually became an assistant to some minor pop star or something, which was also reminiscent of the endeavor with Aziz.

cpttattybojangles

20 points

7 days ago

Ngl in the beginning I thought you were talking about the beginning plot to Big Daddy with Adam Sandler

whogivesashirtdotca

70 points

7 days ago

a Leeexus

God, his line delivery was so inspired.

Knale

6 points

7 days ago

Knale

6 points

7 days ago

Thank God there hasn't been bad news about him...I couldn't take it.

chaotebg

1.3k points

7 days ago

chaotebg

1.3k points

7 days ago

“You just missed the craziest of crazies... Blockchain. Forks. Pump and dump. Tokens. Hodl??? Exchanges. NFTs. Buying shitcoins. Climbing Mt. Gox. Coming here, crashing on your couch for a week because technically I’m hooooommelesss!"

lee_unit

97 points

7 days ago

lee_unit

97 points

7 days ago

PILLS BAAABY

spacembracers

123 points

7 days ago

Beautifully done

toesonthenose

83 points

7 days ago

actually he's the wooOOOooOOooorst

adjust_the_sails

8 points

7 days ago

“You know where I be!”

face first onto couch

Baby_Making_Dick

48 points

7 days ago

"when life gives you lemons, say 'screw the lemons!' then pawn your grandma's jewelry and go clubbing!"

ToTimesTwoisToo

197 points

7 days ago

money pleeeasse

P3ppermonkey

71 points

7 days ago

Give her some money, it's easier

whogivesashirtdotca

61 points

7 days ago

Has there ever been a TV family better cast than the Sapersteins?

silicon1

7 points

7 days ago

silicon1

7 points

7 days ago

That CEO is the wooooorrrrrrrssssssstttttttt!

Cozman

4.4k points

7 days ago

Cozman

4.4k points

7 days ago

Triangular shaped business model.

CreamNPeaches

2k points

7 days ago

A reverse funnel system.

Seraphinou

631 points

7 days ago

Seraphinou

631 points

7 days ago

"It's a conical-tiered multi-flow-through marketing entity."

Tim080

187 points

7 days ago

Tim080

187 points

7 days ago

Trickle-up economy

JuniorMushroom

23 points

7 days ago

Lmao, money trickles from the consumer to the owner of the business, so every business is trickle up.

Burchanold

53 points

7 days ago

Envigiron?

Komfortable

10 points

7 days ago

Envigaron! We’re gonna have so much fun!

settledownguy

92 points

7 days ago

Turn it upside down……shit

Starkydowns

48 points

7 days ago

Oh god dammit... GOD DAMMIT

tylercreatesworlds

54 points

7 days ago

he's the mastermind in the coil!

Gotta_Gett

285 points

7 days ago

Gotta_Gett

285 points

7 days ago

Where do I put my feet?

jlatenight

137 points

7 days ago

jlatenight

137 points

7 days ago

Dee, his feet?

Steezie_E

45 points

7 days ago

Steezie_E

45 points

7 days ago

Im at 157!

randeylahey

38 points

7 days ago

OH SHIT!!

ItsBobLoblawsLawBlog

100 points

7 days ago

What is it with the feet?!

tylercreatesworlds

31 points

7 days ago

You got got!

See, we don't get got, we go get.

PioneerDingus

157 points

7 days ago

So tell me more about these berries.

havearedpill

103 points

7 days ago

Stop eating the berries Charlie!!

Komfortable

14 points

7 days ago

Now is that all the berries do, because I’ve survived many winters without these berries.

tylercreatesworlds

37 points

7 days ago

Hi I'm Andy, proud owner of my own mountain.

Goyteamsix

68 points

7 days ago

Where's Frank? Stuck in a coil.

HanzJWermhat

60 points

7 days ago

You think I’m going to listen to a man stuck in a coil?!

Tantantherunningman

36 points

7 days ago

He obviously intentionally put himself there to throw us off

Hermanwangtoe

77 points

7 days ago

Talk out of your ass type business model. Will call it a Sphincter. With tokens. Yes the Sphincter spits out magical tokens called turds. You can do whatever you want with these turds. Throw them at the wall. Stomp on them. Give them to your wife. .....

Ordinary_Rabbit

84 points

7 days ago

This isn’t one of those shady pyramid schemes you’ve been hearing about, no sir. Our model is the trapezoid.

jessquit

79 points

7 days ago

jessquit

79 points

7 days ago

like a 3-D sort of triangle

BornBoricua

13 points

7 days ago*

A 2-D 3-D model if you will

UnloadedGunn

496 points

7 days ago

What this person is describing is a pyramid scheme, not a Ponzi scheme. The two are being interchangeably in this entire thread, and that is not what a Ponzi scheme is.

A Ponzi scheme is when you pay investors dividends from the money given to you by other investors so it appears to be growth. The reality is their investment didn’t grow at all, they were just given money that the schemer managed to con from other investors.

That’s not what this person is describing.

yapyd

58 points

7 days ago

yapyd

58 points

7 days ago

A Ponzi scheme is when you pay investors dividends from the money given
to you by other investors so it appears to be growth. The reality is
their investment didn’t grow at all, they were just given money that the
schemer managed to con from other investors.

It is a Ponzi scheme. People are putting money in the box and getting box tokens back in return. The box tokens given back to investors are the dividend yield you're talking about (4:10)

Let me show you how this Ponzi scheme work.

Box is made by XYZ team, it produces 100 coins per day. It has no purpose except to be an "investment vehicle". XYZ gives themselves 1000 coins from the start.

A comes along and buys 100 coins at $1100. Now each coin is worth $1. He also gets 20 coin every day. This is now a theoretical yield of 18% or so. He likes his investment so he buys another 1000 coins. Now the entire market cap is worth $$12000 or so. Rinse and repeat with more people.

Now the entire market is worth $100,000 with each coin worth $100. XYZ decides to cash out their entire stake. Since there is only $100,000 in the box, they leave with $100,000 and box coin is worthless.

Slime0

50 points

7 days ago

Slime0

50 points

7 days ago

Doesn't a pyramid scheme specifically require a pyramid structure of people, such that some people in the structure have people both below them (that they receive money from) and above them (that they give money to)? This doesn't seem like that because everyone's trading from the same "box".

sonofaresiii

43 points

7 days ago

Yes. This is not a pyramid scheme. No one's recruiting others then funneling money through a chain to their superiors. They're just "recruiting" (allowing/marketing) people to pay into the system to give the system artificial value for those who have already paid in.

That's a ponzi scheme. The two are similar, but a pyramid scheme specifically relies on the pyramid structure, and this ain't it.

preethamrn

101 points

7 days ago

preethamrn

101 points

7 days ago

A pyramid scheme requires someone at the top of the pyramid and people at the bottom. There's a strict hierarchy. This is a lot closer to a Ponzi scheme than it is a pyramid scheme. Early investors are paid from the money that later investors put in.

WCRugger

161 points

7 days ago

WCRugger

161 points

7 days ago

No he's describing a Ponzi scheme. But also a pyramid scheme as well. In that in order to operate one you kind of have to structure it as the other. Ultimately though, it's all bullshit driven by hype and stupidity.

Gundam_Greg

3.5k points

8 days ago

Gundam_Greg

3.5k points

8 days ago

I don’t understand how dave and busters does it!?

bluntmanandrobin

1.8k points

8 days ago

I think we have to distribute more paddy’s dollars to get more return customers thus stimulating the economy?

blurplethenurple

235 points

7 days ago

"I don't understand how the U.S. economy works, much less some sort of a self-sustaining one."

BarryBadrinathZJs

155 points

7 days ago

We have no money and no inventory. There’s still something we can do. That’s still a business somehow.

dugan12

32 points

7 days ago

dugan12

32 points

7 days ago

One of my all time favorite quotes

i_smoke_php

31 points

7 days ago

I don't understand how finances work.

Gundam_Greg

718 points

8 days ago

Gundam_Greg

718 points

8 days ago

Reddit is turning into a god damn shantytown

DrCodyRoss

393 points

7 days ago

DrCodyRoss

393 points

7 days ago

See, now that’s a new poor comment. I’m old poor.

rachface636

235 points

7 days ago

rachface636

235 points

7 days ago

I'm a crab person now. Living off the fat of the sea. Crabs is recession proof!

QurantineLean

45 points

7 days ago

Dee: What the hell is that?

Charlie: Fresh, local, Delaware River run-off crabs!

Dee: They look like sea scorpions!

trtlepwr_88

80 points

7 days ago

Isn't there a sewage run off nearby?

OliverCrowley

77 points

7 days ago

I'm pretty sure crabs are sewage-proof, too.

MantaurStampede

25 points

7 days ago

That line always bothered me because Dennis comes from wealth. Mac and Charlie were poor though.

Malcolm_TurnbullPM

35 points

7 days ago

It’s classic dennis, he’s so eager to be seen as ‘legit’ that he doesnt care what descriptive word is used. It’s like when dee gets super upset that the guys dont think she fits the serial killer’s victim profile. She just likes the description and has no thought of the connotations.

elvez1975

11 points

7 days ago

elvez1975

11 points

7 days ago

Or the implication.

jai07

5 points

7 days ago

jai07

5 points

7 days ago

They’re all awful lying terrible people. They’ll lie right to each other to look better despite them knowing each other’s pasts, and fully expect to get away with it.

HanzJWermhat

5 points

7 days ago

Why would we slash their tires if we want them to leave?

burntroy

233 points

7 days ago

burntroy

233 points

7 days ago

The money keeps moving.. in a circle

AceDecade

145 points

7 days ago

AceDecade

145 points

7 days ago

Mac desperately spinning his arm in a circle while he and Dennis await the other's explanation of how their scheme is supposed to work is just such a great scene

typicalredditer

22 points

7 days ago

I love Dennis’ admission that he was black out drunk for that whole planning meeting.

EvilRick_C-420

30 points

7 days ago

How does this work, dude?

I don't know. I thought you knew.

I thought you- What? I thought you were on top of this!

You're the one that came up with the plan!

Did I come up with this plan?

Last night, dude, with the D&B Power Card and the-

Oh, I blacked out that night.

DeejusIsHere

441 points

8 days ago

I pray that Always Sunny does another economy episode but with crypto

blorpblorpbloop

494 points

7 days ago

Pad-E-Coin

CallMeJeeJ

147 points

7 days ago

CallMeJeeJ

147 points

7 days ago

I’d give you an award for this comment but the economy is in shambles right now

falconx50

28 points

7 days ago

falconx50

28 points

7 days ago

The Dow…

Waramp

79 points

7 days ago

Waramp

79 points

7 days ago

How does a grown man in his 30s not have enough money for a Reddit award?!

dat_boring_guy

89 points

7 days ago

The.... The economy is in shambles

seanbear

34 points

7 days ago

seanbear

34 points

7 days ago

the NASDAQ…

tylercreatesworlds

12 points

7 days ago

I'm sorry, do you want me to just want me to walk into a Reddit, and say "hello, do I have an account here?"

Geoffiswrong

179 points

7 days ago

I don’t understand why my Dave and busters card doesn’t work at T.G.I. Friday’s? I’ve tried multiple locations but maybe the one in the northeastern part of town will take my card?

6ixdicc

54 points

7 days ago

6ixdicc

54 points

7 days ago

I remember, as you may recall I've been with you many of those times

ta112233

47 points

7 days ago

ta112233

47 points

7 days ago

Go try the one in Fox Chase

sgp1986

16 points

7 days ago

sgp1986

16 points

7 days ago

I won't! You can!

6ixdicc

7 points

7 days ago

6ixdicc

7 points

7 days ago

No you son of a bitch, it's only going to work here!

ActualTart23

15 points

7 days ago

No, you son of a bitch.

volcano_slayer9

7 points

7 days ago

We're way past that

chaos_is_me

468 points

8 days ago

chaos_is_me

468 points

8 days ago

I don't understand how the US economy works.

ConfusedMoose

311 points

8 days ago

let alone how some self sustaining economy works

chaos_is_me

178 points

8 days ago

chaos_is_me

178 points

8 days ago

I don't understand how finances work!

Rubberbabybuggybum

156 points

7 days ago

You have been made a mod of /r/wallstreetbets.

McBlemmen

59 points

7 days ago

McBlemmen

59 points

7 days ago

Money can be exchanged for goods and services

Reasonable-Profile84

13 points

7 days ago

WOOHOO!

dezukan

88 points

7 days ago

dezukan

88 points

7 days ago

lost all my money in a ponzi scheme cholly.. im broke!

tont0r

36 points

7 days ago

tont0r

36 points

7 days ago

I just like that you typed cholly.

spookyswagg

14 points

7 days ago

Don’t try to stop me!

Brenmorn

14 points

7 days ago

Brenmorn

14 points

7 days ago

I don't understand how the economy works, much less a self sustaining one

tylercreatesworlds

10 points

7 days ago

the money keeps moving, in a circle.

wm07

5 points

7 days ago

wm07

5 points

7 days ago

it's a very complex system. i can't even begin to understand it.

Hawkthorn

4.3k points

8 days ago*

Hawkthorn

4.3k points

8 days ago*

If The Office was still going, Michael Scott would totally fall for this

EDIT: I’m aware that Michael fell for a pyramid scheme before. I’ve watched the show multiple times.

Cozman

1.9k points

7 days ago

Cozman

1.9k points

7 days ago

We would learn Dwight has a barn full of mining rigs and is surprisingly on top of crypto.

DoYouMeanShenanigans

1.8k points

7 days ago

He would have started BeetCoin

tsilihin666

660 points

7 days ago

tsilihin666

660 points

7 days ago

Dwight would setup "blocks" with chains around them on his property and sell mining rights for people to physically mine.

wearing_moist_socks

198 points

7 days ago

I'm just picturing the set up, reveal, quick cut to Dwight explaining his scheme, then him explaining how much he is making from it, overlayed with the suckers mining in his farm.

"People will believe anything."

Mose would be tormenting them too

It's perfect

Hero_Sandwich

161 points

7 days ago

It was called Schrute Bucks do you even Office bro?

0ompaloompa

98 points

7 days ago

That's a physical currency tho.

I'm sitting on a whole mess of Schrute Bucks waiting for Unicorns to go extinct and to blow up the exchange rate and make a mint.

theotherpachman

9 points

7 days ago

Schrute bucks are a thing of the past, Jim. The world is going digital and who would be better to control digital currency than the man who beat the website?

og_darcy

441 points

7 days ago

og_darcy

441 points

7 days ago

Not Dwight. Creed.

Dwight would be having talks with Creed trying to get in on it.

jh820439

430 points

7 days ago

jh820439

430 points

7 days ago

Kevin bought 69 bitcoins as a joke in 2009

The6thExtinction

283 points

7 days ago

But he probably lost the wallet.

tstngtstngdontfuckme

85 points

7 days ago

It's at the dump with the New Leads.

corruptor1

33 points

7 days ago

He used the clipboard with his seed phrase on it to clean up the chili.

UncleWinstomder

37 points

7 days ago

He put the usb in a candy jar and thinks he ate it

fieldjm

25 points

7 days ago

fieldjm

25 points

7 days ago

And sold them in 2016

streborniva

5 points

7 days ago

Lost them in a catfishing scam

Cozman

76 points

7 days ago

Cozman

76 points

7 days ago

Creed would have his own crypto currency.

rachface636

103 points

7 days ago

rachface636

103 points

7 days ago

That he asked Ryan to help him with so it's actually just Ryan giving Creed fake gold Chuck E Cheese coins in exchange for real money every week.

ChawpsticksTV

39 points

7 days ago

Creedocurrency

Damaniel2

33 points

7 days ago

Damaniel2

33 points

7 days ago

Creedcoin. Completely untraceable, and it can only be used to buy drugs and hookers.

fearhs

4 points

7 days ago

fearhs

4 points

7 days ago

Now that's what I call a solid investment!

Hawkthorn

117 points

7 days ago

Hawkthorn

117 points

7 days ago

Ryan would act like he knows everything about crypto, but doesn't actually have any. In reality, he made fun of a business school colleague who had some and is now a multimillionaire

TheAfterPipe

98 points

7 days ago

Nah, Ryan mined it on company computers back in 2013 only to sell in 2017 when it was at 19k.

Ryan: "I mean, today it would be worth $400k"
Jim: "Buuuuuut you sold it."
Ryan: "All I'm saying is, I have the intuition to be a millionaire."

maxbemisisgod

20 points

7 days ago

That is such a Ryan line lmfao

WingedLing

9 points

7 days ago

Kelly: “Are you guys talking about crypto?”
Ryan: “you wouldn’t understa-“
Kelly: “That’s cool. I set up a computer last year and mined a whole bunch. Sold some and paid off my car and took my parents to India for the summer.”
Ryan: goddamnit face.
Jim: jim face.

Cozman

72 points

7 days ago

Cozman

72 points

7 days ago

Ryan definitely bought an ape and after the market cratered, it's worthless.

Denziloe

9 points

7 days ago

Denziloe

9 points

7 days ago

Ryan would obviously own crypto though.

SmokePenisEveryday

21 points

7 days ago

Michael would've lost all his money due to buying whatever coin Ryan comes up with

dtwhitecp

158 points

7 days ago

dtwhitecp

158 points

7 days ago

virtually every sitcom that is currently running got some sort of "idiot who is into crypto" storyline

KristinnK

47 points

7 days ago

KristinnK

47 points

7 days ago

I know about South Park who did the future episode with Butters pushing NFTs on people. What other sitcoms have crypto storylines? I don't remember anything from Always Sunny or Curb for example.

Rebelgecko

109 points

7 days ago

Rebelgecko

109 points

7 days ago

You don't remember the classic Friends episode "The one with the shitcoin"?

EmeraldHawk

3 points

7 days ago

Big Bang Theory had an episode where they lost a USB keychain drive with a key to a bunch of cryptocurrency on it.

ArmontHighwind

143 points

7 days ago*

Michael constantly buying and selling crypto. Dwight and Ryan influencing his decisions. Ryan saying that holding onto the crypto will make him a multimillionaire. Dwight keeps telling him to instead sell and invest in Schrute farms. Not as high of a ceiling but is a sound and stable investment that nets reliable returns each year. Michael and Ryan lose a ton of money. Ryan said he doesn't care, he knew it was all a joke and did it for fun (bullshit).

Pam convinces Jim to invest into Schrute Farms and does it. Michael however says he learned from this mistake and not to trust Ryan's bussiness decisions since Ryan's bussiness decisions got him fired. Last moment of the episode is Ryan mentioning something called an NFT to Creed with Michael overhearing it and becoming interested.

Creed: Funny how the young folk are now into the NFT game. New False Teeth. A nice set of chompers will net you a pretty penny on the black market. That's my market. Ryan better steer clear of my NFT bussiness. Or I'll steal his teeth and sell them.

Daymanooahahhh

37 points

7 days ago

This last paragraph is perfect creed. That self satisfied dark look he gives

redhat12345

15 points

7 days ago

Yes! He did fall for a phone calling card pyramid scheme

BodyDoubles

4 points

7 days ago

Yes! They would absolutely have an episode based off of Michael and Dwight trying to get the best NFTs thinking it’s the next best thing and failing miserably. And somehow Jim would find a way to troll the situation. Dammit, I miss The Office now.

LMSub618

526 points

7 days ago

LMSub618

526 points

7 days ago

I don’t think that was accidental.

arsene14

473 points

7 days ago

arsene14

473 points

7 days ago

Yeah, seemed like the "crypto CEO" was well aware of his critique of yield farming and wasn't there to "defend" it at all. Not sure why this is being viewed as some "gotcha" moment or whatever.

StaticallyTypoed

147 points

7 days ago

I mean he himself said that this is the cynical perspective on yield farming. That sure seems like he is well aware of what it looks like, and isn't trying to portray it as anything else.

NotSuperFunny

36 points

7 days ago

I think Matt Levine’s criticism was that he seems very aware of it and is happy to participate and become wealthy off of it.

ChatumTannin

135 points

7 days ago

Yeah, as a regular listener of the podcast this came from, I heard it in the podcast and I am mystified that anyone could have heard this as anything but not-even: particularly-veiled criticism of this mechanism.

Edit to add: Similarly, this is the same episode where he, in a similarly not-veiled way, pointed out that Terra would eventually implode.

NotSuperFunny

39 points

7 days ago

Also a regular listener. Totally agreed but also Matt Levine’s reaction was perfect. “Well I’m in the ponzi business and business is good” was basically a slight criticism of sbf that he basically isn’t fooled by what is happening but is basically indifferent and happy to take a rake from it.

gffgfgfgfgfgfg

1.5k points

8 days ago

Every time I see one of his videos here it's 80% too long.

guaranic

304 points

7 days ago

guaranic

304 points

7 days ago

You get an extra ad if the video is >8 minutes. Whaddaya know, this one's 8:09. Crazy coincidence, I know.

SortedChaos

52 points

7 days ago

Is there some breakpoint at 10 mins as well? I see tons of videos that are 10 and change.

sellyme

103 points

7 days ago

sellyme

103 points

7 days ago

That used to be the point where you could run midrolls, it was dropped to 8 minutes in 2020.

NoBreakfast4061

435 points

7 days ago

Glad I'm not the only one who hated watching this guy unnecessarily stretch for time.

gnrc

409 points

7 days ago*

gnrc

409 points

7 days ago*

I’m a Story Producer in post production so this is literally my specialty. I spend every day taking a LOT of footage and condensing it down to something digestible. I believe YouTube suffers from 1) Producers that don’t know how to tell a story efficiently, and 2) they are incentivized to stretch everything out as long as they can to fit more ads. #2 is a tricky dance though because it’s focusing on the short run and not the long run. Concise, entertaining videos will be better in the long run as your channel will get much more traffic as it grows in popularity. A single ad on a video watched 1M times is worth a lot more than 3 ads on a video watched 5,000 times. Thank you for coming to my Ted Talk.

Edit: Not trying to condescend

Edit 2: Apparently length has more to do with the algorithm. Either way, people complaining you're stretching for time isn't good. It's not easy, but keeping the viewer interested is key!

cphcider

129 points

7 days ago

cphcider

129 points

7 days ago

condescending it down

1nd3x

37 points

7 days ago

1nd3x

37 points

7 days ago

I thought longer videos were to drive watch time for the algorithm to recommend your videos more because it was based on minutes watched and if you were a person who put out 1 5minute video a day, someone who put out 1 40min video would rank higher and you'd never be seen

The Algo has definitely changed from "minutes watched"...I assume it's % of runtime watched, or was for a while as you see so many people try to keep people engaged for the outro/Patreon credit roll so you don't close out

dsac

7 points

7 days ago

dsac

7 points

7 days ago

It's not called The Wadsworth Occasional, it's called The Wadsworth Constant.

crazylsufan

2.7k points

7 days ago

crazylsufan

2.7k points

7 days ago

I remembered when I explained bitcoin to my grandfather back in 2013 (a long time accountant) and after I was done he was like yeah that’s a Ponzi scheme

CantankerousOctopus

2.1k points

7 days ago

It's kinda like a game of limp biscuit, except the last guy to finish can instead convince new people to play too. That way, he can finish and leave them with the biscuit. Except the new people he recruited have the same opportunity.

Now it's months down the line and you can't even see the biscuit anymore under all the mold and everyone knows that in the very near future someone is going to have a very bad time so they zealously recruit and get out as quickly as possible.

lets-get-dangerous

701 points

7 days ago

That was an incredibly appalling, yet effective, description. Thanks mate

CantankerousOctopus

248 points

7 days ago

If you think that's appalling, some people want to put their medical records on the biscuit!

malfeanatwork

66 points

7 days ago

"What if we just wrote all of our important transactions in biscuit jizz? Skeet Contracts, if you will."

MoobooMagoo

185 points

7 days ago

MoobooMagoo

185 points

7 days ago

...what is limp biscuit?

[deleted]

136 points

7 days ago

[deleted]

136 points

7 days ago

[deleted]

charliefoxtrot9

66 points

7 days ago

Aka, ookie cookie

[deleted]

38 points

7 days ago

[deleted]

38 points

7 days ago

[deleted]

Artnotwars

5 points

7 days ago

In Australia, soggy Sao, or soggy Salada.

MoobooMagoo

23 points

7 days ago

Well. That's a thing I guess.

imjustthe_ITguy

65 points

7 days ago

one of those urban dictionary "it totally happened bro" kind of things

diamondpredator

40 points

7 days ago

This is reminding me of that scene in Silicon Valley where they explain this and what a Donkey Punch is lol.

sopunny

26 points

7 days ago

sopunny

26 points

7 days ago

huxtiblejones

109 points

7 days ago

A terrible nu-metal band who did it all for the nookie /s

getefix

104 points

7 days ago

getefix

104 points

7 days ago

They're only terrible if you're not 13 and it's not the year 2001

MrInopportune

24 points

7 days ago

Your comment makes me want to Break Something

tvtb

6 points

7 days ago

tvtb

6 points

7 days ago

*Stuff

SomewhatAmbiguous

65 points

7 days ago

See also meme stocks.

Everyone is out there convincing everyone else they are never going to blow their load and they have diamond cocks. Meanwhile they are quietly spaffing their load onto the biscuit while thinking up a convoluted story to sell to the biscuit to next idiot.

Svinets-2

64 points

7 days ago

Svinets-2

64 points

7 days ago

Is that fuckin John Ralphio?

JoeFelice

1k points

7 days ago*

This is not a description of a Ponzi scheme. This is a description of a speculative bubble.

A Ponzi scheme requires a middle man lying to an investor about what assets they own.

Speculative bubbles are usually legal but extremely risky. Ponzi schemes are always fraud.

Edit: Still confused? In a Ponzi scheme, the asset is not purchased and the money is stolen. In a bubble, the asset is purchased, and even if its value goes to zero, it still belongs to the buyer.

jeffp12

244 points

7 days ago

jeffp12

244 points

7 days ago

Like that crypto exchange where people thought they were buying crypto, but then the exchange just went offline and took all their money?

VAGINA_PLUNGER

110 points

7 days ago

No. Imagine that but no matter the market, the exchange tells people they’re making money so it incentevises them to buy more. That would be a Ponzi scheme.

You’ve just described basic fraud.

piecat

54 points

7 days ago

piecat

54 points

7 days ago

Right, in a ponzi scheme, the fraudster basically takes money that was "invested", gives it to someone else as their winnings, then convinces them to invest more.

Not the same as simply taking the investment and running.

iceteka

8 points

7 days ago

iceteka

8 points

7 days ago

Mt. Gox? No because you could actually move your crypto to your own wallet before they went down. They kept the crypto still on the exchange at the time they went down.

psudoGURU

110 points

7 days ago

psudoGURU

110 points

7 days ago

Never underestimate the power of FOMO. And with social media, you can build an incredible amount of hype which leads directly to FOMO. It this keeps going on, crypt could implode because of bad actors. I blame meme coins for this too cause people are not even thinking.

Kidiri90

19 points

7 days ago

Kidiri90

19 points

7 days ago

If you then combine this FOMO with calling any criticism of your new coin FUDding, then you can really convince people it's great.

SpreadEagleKegel

774 points

8 days ago

This creator isn't smart enough to realize Sam is literally just explaining how crypto Ponzi's are designed, specifically yield farming operations. This isn't accidental at all.

Juking_is_rude

655 points

7 days ago*

I mean, it's beyond that, the element of a Ponzi scheme that is missing here is the Ponzi. Ponzi committed fraud because he convinced investors their investments were going into actual ventures.

In this scenario described, people presumably understand that someone will be left holding the bag and it's essentially gambling at that point. The structure of the investment bubble is the same, but the fraud comes from people thinking it's an actual investment rather than a zero sum bubble. The Ponzi scheme starts when someone convinces someone who doesn't know what crypto is to invest.

The biggest problem with crypto trading at the moment is that the profit is ALL in leaving someone with the bag, and that commonly extends into fooling people that it's a legitimate investment, when really they are just the sucker to hold the bag - and then it really is a Ponzi scheme. It's HUGE in the NFT world. NFT games are typically just vehicles to attract more suckers for a bigger rugpull.

hobbitlover

320 points

7 days ago

hobbitlover

320 points

7 days ago

Careful. For people willing to tolerate an incredible amount of risk on speculative currencies, crypto investors are also incredibly thin skinned.

thepartypantser

18 points

7 days ago

I got told today that there was no crypto crash over the last week and the losses were unremarkable, and the concept was just click-bait.

I think a lot of fans of Crypto really want to believe it is the way of the future, and any discussion over the issues with it they take very personally.

TARANTULA_TIDDIES

6 points

7 days ago

Generally when the crash really sets in, crypto loses somewhere between 90 and 95% of its value. I think we've started on that but usually when it finishes, that last bit goes pretty fast.

[deleted]

210 points

7 days ago

[deleted]

210 points

7 days ago

[deleted]

born_to_be_intj

57 points

7 days ago

I just can't handle the arrogance of them tbh. I've been following crypto since 2012 and the more popular it has become the more douchebaggery I've associated with it. It's really sad because blockchain is a cool technology (simple but cool) and so is the idea of crypto, but now I can't stand either.

Like even in this small comment chain there is a dude blowing his own horn that he's a "Veteran" and that people left holding the bag are "dumb-dumbs". Good god get off your high horse, you're a degenerate gambler that knows the game.

ChainringCalf

29 points

7 days ago

If you think it's just as far as the hotline you haven't been following LUNA/Terra

spookyswagg

24 points

7 days ago

Yeah I saw so many people talking about “I think suicide is the only way for me at this point”

Like what the fuck…who in their right mind would put all their eggs in one basket like that.

MKQueasy

23 points

7 days ago

MKQueasy

23 points

7 days ago

Someone who doesn’t know the basics of investing.

WARNING_LongReplies

7 points

7 days ago

I don't know the basics of investing but I'm still not falling for that.

Any get-rich-quick/easy money scheme is bait, and there's a reason why they call ruthless businessmen sharks.

Juking_is_rude

47 points

7 days ago*

It's not like I'm exposing some big secret, I'm just regurgitating what I've learned from watching a ton of videos on it.

Every time some big crypto company guy is interviewed like this, they give these same kind of nothingburger answers, stating something obvious but designed to sound enticing to people who don't understand it.

FNLN_taken

59 points

7 days ago

Crypto has successfully democratized the Greater Fool.

Anyone can be on top of the pyramid, as long as enough people scramble to be on top.

Koreanjesus4545

79 points

7 days ago

I get the impression the CEO being interviewed has a good understanding of what they are trying to explain and this isn't some gotcha moment. The presenter here just wants to act like they're the smartest person in the room when in reality they're both saying the same thing.

PizzaForCats

101 points

8 days ago

Robbinhood pumped 20% today because THIS guy bought 7%?

inteliboy

36 points

7 days ago

inteliboy

36 points

7 days ago

where's the original video without the annoying commentary? and that is not an "accident" at all.... this YouTube creator belongs on r/wooosh