Mt. Gox will repeatedly crash the price, and mining costs are very high. I have had doubts about Bitcoin as I believe the tech of it will actually be its undoing.

It is hard to misplace your gold, even on paper. While a majority of Bitcoin is lurking out of circulation.

Lol bitcoiiiiiiiiin

Was so obvious

Ya, I know nothing about markets but when it comes to a bubble market it was pretty obvious. How could it sustain it's worth when a huge portion of the people buying it were just doing it as an investment and not for actual use.

That’s what ppl came here to try to explain

But Doug and sryslsrys kept coming here making videos and posting we were uninformed and didn’t know what bitcoin was or how it works.

Buy some more doug, gl with that

Well Bitcoin is the only way in Australia to play online

My position on cryptocurrency that was advised on that channel always included saying that it is risky and you should have a diversified portfolio. I said that many times, its not like I was out there advising people to put their last cent into bitcoin cause "GAINZ" or whatever. I was also not making money from anything affiliate related, so I wasnt pawning off my viewers into scams to make money. I was giving my honest advice, which I personally have followed.

Yes bitcoin is at 4.3k at the moment, and that is ~80% off peak price. That isnt what I would have liked to see happen, but I am still ok with that. I sold some as the prices went up, and this isnt my first time seeing this happen.

For those of you who havent been around for very long, almost this exact same discussion happened in 2014. Bitcoin blasted off up to around 1k, and then it was proven to be a "scam" when it went down to $200. All of the people who hated bitcoin were saying "see, obvious scam, everyone knew it".

Then when bitcoin price was going crazy last year, everyone was way over the top euphoric thinking it couldnt swing the other way. Obviously it has done this before, and can again in the future, thats why you should invest with caution and understand the risks as well as cycles.

I think long term cryptocurrency will succeed. Im not sure what the timeline is like on that, and I dont know what price we are going to. But there is too much clear value in bitcoin to not see the reasons it will ultimately be successful.

Anyway Im sure all the people who hate bitcoin are going to enjoy this and bask in the price decline this year, but thats because its easy to talk when your side is currently "right". Just mark this post and lets see where bitcoin is in 2023, 2028, etc etc. Ultimately I believe its going to be far more valuable than it is today, but there are no promises in such a volatile asset class.

Appreciate the post and your honesty

One thing I would say tho, is you say didn’t profit bc of affiliate or whatever but you produced videos to get views to profit ? Wasn’t that the whole point to make the videos ?
Most the videos you produced ( were pumping up bitcoin) even though ppl were warning as ppl respect you and listen to what you say

Afaik Doug doesn't make any meaningful $ from youtube

You actually suggest youtube is a relevant revenue stream and he tried to pump up some coins to profit from views?

I have no idea as I’m not a YouTube star,


What’s the point to make videos then ? Just hobby?

You used to be able to make money pretty easily on youtube, then just like Pokerstars, youtube realized they had a monopoly and cut back the amount of money you could make cuz where the **** else you gonna go?

The poker channel is basically to promote Upswing. For crypto he has this other site that I don't know the name of, not saying that makes much money either but obviously Doug was hoping this whole crypto thing would be bigger at this point and so it is important to be the established name before it's too late.

And yes, also partly hobby. I don't see why that is so surprising when the majority of revenue is from investments and you're already RAF.

Basically lots of reasons that are pretty easy to come up with when you think about it for longer than 10 seconds. Basically every means of monetization other than youtube views.

Well your post here basically is saying what I’m saying, maybe it’s not through views, but he made the videos to in someway make a profit.

And the advice was terrible and it was directed at people who look up to And respect Doug, he doesn’t know how stocks or markets work , he as we’ll with other players basically fell into a ton of money in crypto by luck, which doesn’t qualify him to give advice on the topic.

CNBC: As bitcoin nosedives, regulators said to be investigating whether it was propped up illegally

https://www.cnbc.com/2018/11/20/regu...illegally.html

In other words it was a scam all along.

lol bitcoin is a pile of ****

still waiting to hear what clear value it has other than as a medium of exchange for child porn/drugs/jungle's hitman and tax evasion/money laundering

Lol what a shock

You can slash like the whole of youtube when people who aren't qualified to comment on a subject have to stop making videos about that subject.

I watched all of the content, it was entertaining and informative. I decided to not invest in crypto.

This is what is called making an informed decision.

If you watched Doug for financial advice and followed it something's wrong with you.
Real men watch long-term professional analysts and traders like Tone Vays and lose their money listening to them instead!
EDIT: TBH Tone Vays was seriously wrong just once at the 16k bull-trap, but wrong he was spectacularly, with many people rationally following his advice. Not an entertainer youtuber who self admittedly knew ****all about the actual back end of the technology and doesn't do technical analysis

The only shady-ish video you can criticise fairly was the Lux or WAX or whatever it was one from Doug, and he learned and never made one like that since

now is a good time to buy btw, not when it was at 20k

Christ. I assume by "diversified portfolio" you mean crypto vs non-crypto assets and not a diversified portfolio of ****coins like the one you were "rebalancing" in your YouTube channel for a month. Almost all of the ****coins your darts landed on are perfectly correlated to Bitcoin which makes diversification pointless.

The issue that you still can't seem to understand is that there is no allocation for crypto in a healthy portfolio because it's not a ****ing investment. It is true that portfolio theory allocates a mix of assets based on risk and expected return. But there's no allocation for something that has a negative expected return. It's like trying to build a portfolio and deciding how much money I should put into blackjack. The answer is... none! The only way crypto assets appreciate is if bags can be dumped on hapless buyers later down the line. After exchange fees and mining costs, this is a negative sum game. Given the considerable amount of market manipulation that occurs to the detriment of individual investors, this is a hugely -EV "investment".

Whether you receive affiliate payments is irrelevant. The impact on naive viewers of your channel is still the same, it just means you were too stupid to capitalize on the harm you were inflicting. And you do benefit - if there aren't latecomers to your Ponzi party then your bags are worthless, so by ensnaring new money into the ecosystem, you benefit indirectly. Or in the case of your LUXCoin pump and dump, pretty goddamn directly.

I don't hate Bitcoin. I have little emotion towards Bitcoin, in the same way I have no emotion toward the Nigerian royal family even if I feel quite differently about the scam artists that build a narrative around them. What does the price of Bitcoin in 2014 have to do with what's transpired in the last 1.5 years? The evidence of unprecedented market manipulation is plentiful and obvious. For someone who meticulously analyzes what someone's 4-betting range should look like, you have childishly ******ed explanations for the price movements that Bitcoin experienced over the last couple of years even though there's *plenty* of research out there.

Your expectation that this is just a "market cycle" naively ignores three important truths:
1) that the 2017 craze hit lots of new buyers that did not buy in 2014, and that these buyers are now effectively "immunized" from ever buying in again
2) the severe market manipulation with fractional reserves (Tether) is unlikely to ever work again because new, auditable stablecoins exist now that did not exist in 2017
3) institutional money will never FOMO into this **** again. Do you think if Kodak announces a new blockchain project in 2021 that its stock price will triple overnight again? There was a substantial lag between investor action and research in 2017 that will never happen ever again. At this point being associated with crypto is (justifiably) considered a huge red flag, not an eager selling point.

What "clear value" is there now that wasn't realized 7 years ago when the Silk Road launched? What new uses of Bitcoin have been realized while its price shot up 1000% and down again? And most importantly, why would people using and spending Bitcoin cause its price to go up? This is the critical link you never attempt to explain. Nevermind your extremely dubious conclusion about the "clear value of Bitcoin".

There are two things going on here. On the one hand, you have people actually using crypto to purchase goods for whatever reason (anonymity, international exchange). But this exchange is ultimately indexed in fiat. If the price of Bitcoin crashes 50%, I'm going to start selling my kilos of cocaine for twice as much Bitcoin. That means that the usage of cryptocurrency has nothing to do with the speculative Ponzi games you're playing. Even if there was only 1 Bitcoin in active circulation, we could cut that thing up into satoshis and conduct the exact same business we could with 100 million Bitcoins.

You've never connected usage to price because *there is no connection* except that you *feel* like there probably should be one, even though you've never actually reasoned why that would be the case. It's very obvious that the shocks in the price of Bitcoin have absolutely nothing to do with its actual usage, or even the speculation of individual "investors".

**** off with this ****. I've been trying to warn people about how nonsensical this was since early December. I've had people make threats on my Facebook wall, doxx me in Telegram groups, and been flamed and attacked pretty much everywhere I posted. It was not "easy to talk", it's easy to do what you do which is to fart out videos at the peak of the euphoria when people actually needed cold water poured on them.

...takes the time to write 8 paragraphs about it with the words "christ" and "goddamn" in it. Didn't read past that quote so can't care to point out more though I'm sure there's more "emotion" in it

It's a fantastic post, you really should read it.

Epic post and all accurate. It's clear Doug's knowledge of BTC begins and ends with a simple desire to make money off a speculative craze, the same as it does for the vast majority of its "investors" and self-proclaimed technologists who have no clue how cryptography even works. It's been fun watching him trying to instead spin it as a rational play on the future of commerce, technology, and money. I suspect the same class of logic was brought to bear in previous speculative manias as well. Aren't these tulips pretty though?

I hope Zizek's uncle brings up bitcoin as a way to avoid politics at Thanksgiving