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The Rise of Bitcoin and Other Stupid Meme Currencies | The Daily Show - YouTube
Channel: The Daily Show with Trevor Noah
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cryptocurrency is this some fake some
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nerds made up on the internet to steal
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our money or is it the future of Finance
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there is no way all these people buying
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cryptocurrency have any idea what the
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hell they're investing in and it's not
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just Bitcoin ethereum the number two
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cryptocurrency has risen 5 000 since the
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start of this year why if you imagine
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Bitcoin as being a gold coin uh ethereum
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is a coin that has a magic spell in it
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what the hell does that mean I spoke
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with one of the founders of ethereum Joe
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Lubin to find out first question what is
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it what is it ether the cryptocurrency
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that lives on the decentralized ethereum
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platform it's actually a much more
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programmable cryptocurrency than Bitcoin
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that doesn't mean anything what is it we
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created a platform for decentralized
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applications does everyone in
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cryptocurrency talk like you pretty much
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is it just everyone just going
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decentralized I'm in the dark web and
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drugs online exactly does cryptocurrency
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make you feel angry and Confused well it
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should to make it easy to understand we
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ripped off The Big Short and as Margot
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Robbie to explain it in a bubble bath
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but she said no cryptocurrencies are
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transparent and decentralized when two
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strangers exchanged money over the
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Internet it requires a middleman like
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PayPal or a bank who takes a percentage
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of the transaction and that transaction
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is vulnerable to hacking
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cryptocurrencies are recorded in a
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public Ledger called the blockchain so
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it's impossible to cheat they actually
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solve a lot of problems with exchanging
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money in a global digital world
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but still is that wolf a bajillion
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dollars why do so many suckers on the
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internet sorry I mean people believe
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fake money as value if there's real it's
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based on faith and the ethereum
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blockchain when you get enough people
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believing in cryptocurrency then you can
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snowball into uh something that a
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society actually deems valuable like the
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US dollar well what do you mean the US
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dollar the US dollar is based on faith
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in the system so the only thing backing
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this money is belief in the competency
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of the U.S government
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unfortunately that's true damn
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money is
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fake money isn't real right all this
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stuff is all fake but Wall Street
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doesn't care if money is real as long as
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they're making lots of it they've been
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pumping millions in the Bitcoin and
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ethereum driving the creation of
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thousands of new cryptocurrencies but
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how low is the bar for entry let me get
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this straight you took Bitcoin and you
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just changed the font to Comic Sans and
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we put a dog on it this was the guy to
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talk to so tell me about the Genesis of
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doggy coin well firstly it's Dogecoin
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but I created why is it Doge it's
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actually based on a meme what it's not
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dog e coin electronic coin dog e coin oh
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that's pretty smart actually it's not
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but guess what this stupid meme currency
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is worth almost 400 million dollars so
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why does X Creator have some problems
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with cryptocurrency when you see price
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charts go up into the ride exponentially
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ultimately it can be a sign of a bubble
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yeah bubbles are great what are you
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talking about I love Bubbles people are
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gonna lose a bunch of money and sure
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cryptocurrency might destroy the planet
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through climate change and supporting
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Road nuclear States but this is America
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so I decided to make my own
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cryptocurrency but that has to be an
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incredibly complex done that was easy I
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did it it literally takes 10 minutes to
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go on the website and make your own coin
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time to make it rain chain coin and
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Kickstart the financial Revolution you
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accept uh chain coin chenko is like
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Bitcoin it's disrupting Global Financial
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systems
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using blockchain technology no no no
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only cash I'll send you money over the
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Internet money I'm going to demonstrate
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so imagine if I send you this
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right thank you no no but digitally no
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no no get no give me back my five how
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are people not getting this no I'm
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paying you I'm paying you in change out
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of my cab out of my cab remember this
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moment remember this moment when you had
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a chance to jump on chain coin and you
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didn't all right his loss invest in
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chain coin just don't ask me how it
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works
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[Music]
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all right
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