John Oliver Nails Bitcoin Video
Last night, John Oliver explained the Bitcoin phenomenon like only John Oliver can. And while it was clearly over the top satire, unlike most Bitcoin parody videos like The Ellen Show and The Seth Meyers Show this video from Last Week Tonight video John made several salient points that we at Coin Ninja completely agree with.
Here are the top 5 points John made from the video:
1). Caution and doing actual research for credibility is critical as there are many scams and schemes in this space.
2). Simply labeling a company as blockchain does not mean it is actually utilizing the technology in any meaningful way and should not spike the value of that entity unless it is verified that it is using the technology.
3). John's describing Bitcoin (Distirbuted Ledger as well as Blockchain) were both well explained. Usually with these videos, the attempt to even set up these core tenets are delivered with misinformation. You can tell his Bitcoin expert Dan knows what he's talking about.
4). Scams and Pyramid schemes are rampant. The Bitconnect video speaks for itself. As Oliver notes, if anyone promises they can deliver a guaranteed return each month or year, it's likely a scam. The volatility of crypto is unpredicatble and anyone who claims they have insight to game it is likely running a scheme that will eventually topple.
5). There are crazy valuations and investments being made right now. Do not view it as a validation of a coin or company. Companies like EOS raising $1.5B in less than 2 years despite having no product and specified utility is a great example of runaway valuation.
The overarching theme in this video is to use your judgement, research projects, and don't blindly follow false indicators of hype and coins/companies that tout radical change without any specified or apparent purpose.