MICHEL MARTIN, HOST: Hello, everyone!
Even if you don’t watch much TV, you’ve probably seen the commercials encouraging – or even pressuring – people to get involved with Bitcoin. If you watch the Super Bowl tonight, you’ll see even more. Decentralized digital currency trading and management can be found here. This is being promoted by a number of celebrities, coupled with the use of nonfungible tokens, or NFTs, which may be sold and traded for a large sum of money. Several have sold for millions of dollars.
However, one Canadian YouTuber.
Dan Olson, claims that despite their enormous popularity, NFTs and bitcoin in general are a huge hoax. In a two-hour YouTube video earlier this month, he became an internet sensation. Known as Line Goes Up: The Problem With NFTs, he explores the various concerns surrounding NFTs and bitcoin in general. As a result, we’ve called him to ask if he has any thoughts on the additional messages you’ll get tonight. Dan Olson, I’d want to introduce myself. Thank you so much for participating.
DAN OLSON: That’s a good question. I appreciate the opportunity to be here.
MARTIN: We’d really appreciate it if you could simplify things for our listeners, as I’m afraid some of them may have already gotten carried away and others may be completely lost. How do you explain NFTs, and why have they grown so popular in the last few months, to someone who has never heard of them before One way to put it is that they’re digital items, but they use cryptocurrency as their backbone to create scarcity, which is the most easy way to explain how it works. When it comes to NFTs, their popularity is partly due to the fact that they are one of the first legal uses of bitcoin that is permitted.
MARTIN:
In essence, your YouTube video is a scathing indictment on NFTs and cryptocurrencies in general. Also, it’s garnered about 5 million views to date, and that number is expected to rise. Also, in the video, you refer to both of them as a “bubble”. There will be a huge burst, according to your predictions. That there is no underlying value – nothing exists – and that it’s an investment instrument that’s not subject to any kind of oversight.
OLSON:
I believe the second argument is more accurate. One could argue that the first point is correct. The idea that, like, bitcoin and Ethereum have no actual value and that most of this is all smoke isn’t incorrect. As far as ideological and political goals are concerned, there are two: the first one is the system’s goal of promoting an anti-government, anti-stability philosophy; the second one is the system’s goal of promoting a philosophy that is anti-social services, anti-taxes, and anti-safety nets, and anti-consumer protection philosophy. As a result, I believe that it is ultimately harmful to our society.
MARTIN:
- Consider the possibility that these investments can be considered “everyman’s” investments. And to that you reply?
OLSON:
Is this a simpler way for the average person to get started in the stock market? It’s true that if you really, like, torture the definition of “investing,” because you aren’t really, like—you aren’t investing in a company that’s going to be able to generate a good product that people want to use for a reasonable price or, you know, at a fair market rate or, you know based on intangibles like, hey, they treat their employees well, you know? They’re paid well. Those people, you know, have significant, uplifting careers. That’s why dividends are paid out by that corporation. To a certain extent, you’re speculating on whether or not a future buyer would be prepared to pay more for something for which you have no particular interest or reason to be worried. It’s a game of chance for you. As for the only convincing counterargument, you are describing a lot of tech stocks. To which my response is: “Yeah. This is not only a crypto problem.” This is the only convincing counterargument that I have run into. As a result, cryptography is merely an exaggerated manifestation of the many flaws that now exist in our systems.
MARTIN:
- This is worth a look before we let you leave. You mentioned to me before that one of the reasons you became interested in this was because you fit the profile of the intended audience. You get what I’m saying, don’t you?
- Yes, I agree. definitely.
MARTIN:
Do you know anyone else in your social circle? If you’ve asked these questions, what do the answers reveal about you?” What do you think – what’s the draw? Is it merely a fad at the moment? They don’t want to be left out. Do you know what I’m talking about? “You’ve got to get in now,” “You’ve got to get in early,” “This is going to take off,” and “This is the future” are just some of the messages that are being pushed around. It’s the same kind of financial predation that we’ve seen again and over again via things like gaming and the payday loan sector. This year’s Super Bowl will be filled to the brim with it. And Matt Damon is going to label you a coward if you’re afraid of losing all of your money for 10 straight minutes. So, you know, that’s a very traditional technique that’s focused on a specific demographic – you know what I mean? Those who fall within this category are the intended audience. For millennia, people have been able to accomplish amazing outcomes by questioning bravery, challenging someone, like, challenging guys on their manliness and saying, like, if you’re not engaging in these dangerous actions, you’re not a genuine man. This is aimed at, like, insecure white men. It’s a tried-and-true marketing strategy that consistently yields impressive results. As a result, it comes as no surprise that it’s being used for such a thing.
MARTIN:
- Dan Olson was the man in question. Folding Ideas is the name of his YouTube channel. It was a pleasure having you here today, Dan.