馃攳
The Rise of Bitcoin and Other Stupid Meme Currencies: The Daily Show - YouTube
Channel: The Daily Show with Trevor Noah
[0]
Cryptocurrency.
Is this some fake (bleep)
[3]
some (bleep) nerds made up on
the Internet to steal our money
[6]
or is it the future of finance?
[7]
There is no way all these
people buying cryptocurrency
[10]
have any idea what the hell
they're investing in.
[13]
And it's not just Bitcoin.
[14]
Ethereum,
the number two cryptocurrency,
[16]
has risen 5,000%
since the start of this year.
[20]
Why?
[21]
If you imagine Bitcoin
as being a gold coin,
[24]
uh, Ethereum is a coin
that has a magic spell in it.
[26]
What the hell does that mean?
[28]
I spoke with one of the founders
of Ethereum,
[30]
Joe Lubin, to find out.
[31]
First question, what is it?
[33]
What is it?
[35]
Ether, the cryptocurrency
that lives
[38]
on the decentralized
Ethereum platform,
[40]
it's actually a much more
programmable cryptocurrency
[42]
-than Bitcoin.
-That doesn't mean anything.
[44]
What is it?
[45]
We created a platform
for decentralized applications.
[50]
-Um... -Does everyone
in cryptocurrency talk like you?
[52]
-Pretty much. Yes.
-Is it just everyone just going,
[54]
"Decentralized... dark web...
and drugs online"?
[58]
-Exactly. -Does cryptocurrency
make you feel angry
[61]
and confused? Well, it should.
[63]
To make it easier
to understand,
[64]
we ripped off The Big Short
and asked Margot Robbie
[66]
to explain it in a bubble bath,
[68]
but she said no.
[69]
Cryptocurrencies are transparent
and decentralized.
[72]
When two strangers exchange
money over the Internet,
[75]
it requires a middleman,
like PayPal or a bank,
[77]
who takes a percentage
of the transaction.
[80]
And that transaction
is vulnerable for hacking.
[82]
Cryptocurrencies are recorded
[84]
in a public ledger
called the blockchain.
[86]
So it's impossible to cheat.
[88]
They actually solve a lot of
problems with exchanging money
[90]
in a global digital world.
[92]
Now get the (bleep) out of here!
I'm trying to take a bath.
[94]
But, still, is that worth
a bajillion dollars?
[97]
Why do so many suckers
on the Internet--
[100]
sorry, I mean people--
believe fake money has value?
[103]
Ether's real.
It's based on faith
[106]
in the Ethereum blockchain.
[107]
When you get enough people
believing in cryptocurrency,
[110]
then you can snowball
into, uh, something
[114]
that a society
actually deems valuable,
[116]
like the U.S. dollar.
[117]
Whoa, whoa, whoa, what do
you mean, the U.S. dollar?
[120]
The U.S. dollar is based
on faith in the system.
[124]
So the only thing backing
this money
[126]
is belief in the competency
of the U.S. government.
[131]
-Unfortunately, that's true.
-Damn!
[134]
CHIENG: So not only is
cryptocurrency fake,
[136]
all money is fake.
[138]
Wake up, Wall Street!
[140]
You know money isn't real,
right?
[141]
All this stuff is all fake.
[143]
But Wall Street doesn't care
if money is real,
[145]
as long
as they're making lots of it.
[147]
They've been pumping millions
into the Bitcoin and Ethereum,
[150]
driving the creation
of thousands
[151]
of new cryptocurrencies.
[152]
But how low is the bar
for entry?
[154]
But let me get this straight.
[156]
You took Bitcoin, and you just
changed the font to Comic Sans?
[159]
And we put a dog on it.
[161]
CHIENG:
This was the guy to talk to.
[163]
So, tell me about the genesis
of Doggy Coin.
[166]
Well, firstly, it's DogeCoin.
[167]
(laughs)
But, uh, I created...
[169]
Well, why is it "Doge"?
[170]
It's actually based on a meme.
[173]
Well, it's not "Dog-E-Coin"?
[175]
-A lot of people... -E coin?
Electronic coin. Dog-E-Coin.
[178]
Oh, that's pretty smart,
actually.
[179]
CHIENG: It's not.
But guess what?
[181]
This stupid meme currency is
worth almost $400 million.
[184]
So why does its creator have
[186]
some problems
with cryptocurrency?
[187]
When you see price charts
go up and to the right
[190]
exponentially, ultimately,
it can be a sign of a bubble.
[192]
Yeah, bubbles are great.
What are you talking about?
[194]
-I love bubbles. -People are
gonna lose a bunch of money.
[197]
CHIENG: And sure, cryptocurrency
might destroy the planet
[198]
through climate change
[200]
and supporting rogue
nuclear states, but
[202]
this is America!
[204]
So I decided
to make my own cryptocurrency.
[206]
But that has
to be an incredibly complex...
[208]
Done. That was easy.
[210]
I did it. It literally takes
ten minutes
[212]
to go on a Web site
and make your own coin.
[214]
Trying to make it rain
Chieng Coin and kickstart
[216]
the financial revolution.
[218]
Do you accept, uh, Chieng Coin?
[220]
Chieng Coin's like Bitcoin.
[221]
It's disrupting global
financial systems...
[225]
-Uh...
-...using Blockchain technology?
[227]
No?
[229]
I'll send you money
over the Internet.
[233]
I'm going to demonstrate. So,
[235]
-imagine if I send you this,
right? -Mm-hmm.
[238]
No, no, but digitally.
[240]
-(man mutters)
-No, no. Give...
[241]
No, give me back my five.
[243]
How are people
not getting this?
[244]
No, I was... I'm paying you.
I'm paying you in Chieng Coin.
[246]
Get the (bleep) out of my cab!
Out of my cab!
[248]
-My cab! My cab!
-Remember this moment!
[250]
Remember this moment
when you had a chance
[252]
to jump on Chieng Coin,
and you didn't, all right?
[255]
His loss.
[256]
Invest in Chieng Coin!
[257]
Just don't ask me how it works.
Most Recent Videos:
You can go back to the homepage right here: Homepage